RATE Group | Bitcoin Hovers Near Price Support as Long-Term Bear Cross Looms
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Bitcoin Hovers Near Price Support as Long-Term Bear Cross Looms

15 Nov Bitcoin Hovers Near Price Support as Long-Term Bear Cross Looms

Posted at 06:08h in Cryptocurrency News by

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  • BTC is on the defensive and may face selling pressure in the run up to the bearish crossover of the 100- and 200-day averages.
  • Prices will likely breach the 50-day average support near $8,550 and extend losses toward $8,000 in the short term.
  • Confirmation of the bear cross may mark an interim bottom in BTC, according to historical data.
  • A high-volume move above a three-month descending trendline, currently at $9,200, is needed to revive the bullish view.

Bitcoin risks falling below key support near $8,550, with a widely followed bitcoin price indicator teasing its first bearish turn in over a year.

The top cryptocurrency by market value is currently trading at $8,610 on Bitstamp, having bounced up from the 50-day moving average (MA) support at $8,543 earlier today.

The 50-day MA has been restricting downside since Nov. 8, but may be breached soon, courtesy of a looming bearish crossover between major price averages.

Bitcoin’s 100-day MA (now at $9,436) is now…

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