Ethereum tearing down BTC - the ultimate capitalization?

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Bitcoin price may be slowly moving towards $15,500 as a result of FTX hack. BTC remains at risk of further losses if it fails to settle above the $17,000 resistance zone.

Bitcoin has started a new decline below the $16,500 and $16,400 levels.
The price is trading below $16,500 and the 100 hourly simple moving average.
A key downside line is in line with resistance near $16,390 on the hourly chart of the BTC/USD pair (data feed by Kraken).
The possible reason for the fall: The FTX hacker is dumping cryptocurrencies a lot, especially ETH. Ethereum is facing a correction that is taking the rest of the market down with it.
In the last 30 minutes alone, the hacker has sold about 15 million ETH and is currently preparing a new batch of 12 million dollars. That being said, the hacker still has $270 million worth of ETH in his main wallet.
Bitcoin could still start a good run if it moves above the $16,500 resistance zone.

Bitcoin: The price continues to decline

Bitcoin failed to hold above the $17,000 resistance. BTC struggled to stay above $16,650 and started a new decline.

Notice

The recent swing high was formed at $16,795 before the price broke below the $16,500 support. The price closed below the $16,500 zone and the 100 hourly simple moving average. The bears even pushed the price towards the $16,150 level.

A low was formed at $16,156 and the price is now consolidating losses. On the downside, there is immediate resistance at $16,300. It is near the 23.6% Fib level of the recent decline from the $16,795 high to the $16,156 low.

The first major resistance is in the $16,400 area. There is also a key downtrend line and resistance at $16,390 on the hourly chart of the BTC/USD pair. The next key resistance is $16,500. This level is near the 50% Fib level of the recent decline from the $16,795 high to the $16,156 low.

Bitcoin Price, Source: BTCUSD on TradingView.com

Bitcoin price needs to clear the trendline resistance and then the 100 hourly simple moving average to move into a positive zone. The next key resistance is $17,000, which could allow the price to pick up momentum and move towards the $18,000 zone above. However, it remains to be seen how the hacker’s coin dump will affect the markets.

Will Bitcoin Rise Again?

That remains to be seen after the FTX hack and ETH dump. If bitcoin fails to scale above the $16,400 resistance area, it could continue down. Immediate support on the downside stands at $16,150.

The next key support is near the $16,000 zone, below which the price could test the key support at $15,500. A clear breach of the $15,500 support could push the price lower.

Technical indicators:

MACD on the hourly chart: The MACD is now gaining momentum in the bearish territory.
RSI (Relative Strength Index) on hourly chart: The RSI for BTC/USD is now in oversold territory.
Major support levels: $16,150 followed by $16,000.
Key resistance levels: $16,350, $16,400 and $16,500.

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