Red line - support

Bitcoin is trading around $16,500. Despite Dollar weakness across the board, Bitcoin continues to trade weakly above 2022 lows. Bulls seem uninterested or weak to push price higher. The recent FTX scandal has cost not only money to investors but also credibility to the entire Crypto market. This can be seen clearly by the price behavior of Bitcoin. Price has only managed to retrace 23.6% of the recent decline. Price continues making lower lows and lower highs. Support is found at recent lows where we also see the double bottom formation. Failure to hold above this level will lead BTCUSD towards $12,000. Resistance is found at $21,800.