It has been a rough day for the benchmark cryptocurrency. After flashing some signs of weakness, Bitcoin briefly dipped below $9,000 earlier today before incurring enough buying pressure to propel it back above this level.
This decline led BTC down towards its 200-day moving average, which has so far been defended by bulls.
The 200-day MA has historically governed both uptrends and downtrends, with breaks above this moving average previously sparking rallies, while the effects of breaks below it have been dire.
That being said, this MA is still at grave risk of being lost as the cryptocurrency continues showing signs of weakness.
One analyst is even noting that a break below this level could be imminent as the cryptocurrency breaks below a key technical pattern.
Bitcoin Flashes Signs of Weakness as Bulls Defend Against Dip Below $9,000
At the time of writing, Bitcoin is trading down just under 5% at its current price of $9,120.
This marks a notable decline from recent highs of $9,800 that were set yesterday just prior to the cryptocurrency’s recent decline.
It does appear that there were two primary factors driving this movement.
The first is the series of rejections that BTC has faced at $10,000 over the past several months. Although none of them were enough to spark any sustained downtrend, they all signaled that the cryptocurrency lacked sustainable buying pressure.
The second factor that seems to have triggered the movement was the 50 BTC transaction stemming from a previously dormant wallet from 2009.
Some investors speculated that this wallet belong to Bitcoin’s pseudonymous creator – Satoshi Nakamoto – but later data revealed that this was not the case, and the wallet likely belonged to an early adopter or miner.
Nevertheless, the technical damage has been done and the cryptocurrency is now at peril of revisiting the $8,000 region.
BTC Nears 200-Day Moving Average; Will It Break Below It?
This price drop led Bitcoin down towards its 200-day moving average for a brief period of time.
This moving average currently exists within the upper-$8,000 region, and buyers ardently defended against it dipping below this level during the downturn seen earlier today.
One analyst recently offered a chart showing the MA relative to Bitcoin’s current price position, noting that he is closely watching to see how it reacts to this level.
Image Courtesy of Teddy
Another respected analyst also explained that one technical indicator seems to indicate that a dip below this ever-so important moving average could be imminent.
He mused this possibility while pointing to a net indicator, adding that the crypto’s uptrend will be over as soon as Bitcoin dips below this level.
“Quick tip for the superguppy on the 4H. When BTC dips below the net, it usually taps the 200EMA. When the 200EMA gives out, it’s over.”
Image Courtesy of Byzantine General
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Key Takeaways
Where is Bitcoin trading now?
BTC broke decisively below $90,000 on 20 November, hugging the lower Bollinger Band and testing the S3 pivot zone in the mid-$80K region.
What does the CThe post Bitcoin breaks below $90K as volatility expands appeared first on AMBCrypto.
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Bitcoin Magazine
Bitcoin Price Plunges Below $100,000 As Extreme Fear Hits the Market
Bitcoin price just tumbled below $100,000, testing levels not seen in months. Bitcoin recently broke below key technical support around $104,000.
A recent wave of corporate Bitcoin buying could trigger a crash if a drop below $90K sparks panic selling, Standard Chartered warned. “Bitcoin treasuries are [...]
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Bitcoin ETF outflows and miner activity signal caution despite a bullish breakout attempt.
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AftThe post Bitcoin ETF holdings dip below warning level, but it may not affect BTC's breakout appeared first on AMBCrypto.
Bitcoin found some support at the $74.5k level.
The price action in late March could repeat itself, based on clues from the liquidation heatmap.
Bitcoin [BTC] fell below the $80k mark on theThe post Bitcoin falls below $80k: Consolidation or drop, what's next? appeared first on AMBCrypto.
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Bitcoin retained momentum, despite dropping below $70,000
Insights using the MVRV indicator hinted at a possible surge
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Bitcoin remained below $60,000 at press time.
The recent increase in Bitcoin's [BTC] volatility is evident, as its pricThe post Bitcoin exchange reserves drop below 2.
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A look at how Bitcoin is faring in an extreme fear environment.
Why liquidations may have played a role in pushing BTC below $60k.
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The rising leverage ratio and Open Interest might be holding Bitcoin back.
The pitchfork and 200 DMA support failure pointed to a price drop below $60k.
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Bitcoin rose to $70,000 in the previous trading session.
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Bitcoin continued to trade below $70,000.
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Bitcoin short-term whales are underwater, which likely presented an ideal buying opportunity
Metrics resembled how they were before the previous major bull run
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Bitcoin price is attempting to recover above $103,500. BTC could continue to move up if it clears the $106,500 resistance zone. Bitcoin started a decent recovery wave above the $103,500 support. The price is trading above $104,500 and the 100 hourly Simple moving average.
Bitcoin price is struggling below $105,000. BTC could continue to move down if it stays below the $104,200 resistance. Bitcoin started a fresh decline below the $104,000 support. The price is trading below $104,000 and the 100 hourly Simple moving average.
