RATE Group | Bitcoin Price Risks Falling Under $8.4K If the Bulls Don’t Step Up Now
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Bitcoin Price Risks Falling Under $8.4K If the Bulls Don’t Step Up Now

16 Nov Bitcoin Price Risks Falling Under $8.4K If the Bulls Don’t Step Up Now

Posted at 14:40h in Bitcoin News by

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Bitcoin (BTC) price is still retracing from the massive rally two weeks ago, which leads the sentiment to turn bearish. Several signs indicate that the price needs to reverse quite soon, or the whole upwards move is deleted from the charts.

Crypto market data. Source: Coin360

Crypto market data. Source: Coin360

Bitcoin loses 200-Day MA and EMA for the second time in 2019

The daily chart shows that the price of Bitcoin once again can’t hold support on the 200-Day Moving Average (MA) and Exponential Moving Average (EMA). Such a move often leads to a bearish bias among traders as the 200-Day MA and EMA are crucial indicators for bull/bear perspectives.

BTC USD daily chart. Source: TradingView

BTC USD daily chart. Source: TradingView

Alongside with a drop below the crucial moving averages, the price of Bitcoin wasn’t able to break the downward trendline. This trendline started at the top at nearly $14,000 in June.

Breaking the trendline would provide a vital sign for bullish perspectives on the market.  Additionally, the $7,300 level showed bottom signals with…

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