After November 15, the price of bitcoin fell below the 50-day moving average, it is on the verge of another collapse, approaching the phase of a long-term downtrend.
Noticeable revival and growth of stock markets, bondsand gold attracted the attention of investors who began to transfer their funds to them. The lack of significant new capital injections in recent years has led to a decrease in trading volumes and a weakening of the bitcoin exchange rate.
November 15, the price of MTC broke the level of $ 8500 anddropped below the line of 50 MA (purple), which created the risk of a new large sale and a stronger recession. It also opened the way for bears to test support around $ 8,000. In addition, a neutral RSI level and the upcoming intersection of 100 MA (green) with 200 MA (yellow) can confirm a long-term bearish indicator.
Currently, traders are more responsive not to negative news, but to the lack of new incentives to maintain current positions. However, the current arguments still work for the bulls.
At the time of publication, Bitcoin (BTC) is trading at $ 8,478 and has added 0.3% over the past day.</p>