Bitcoin Sentiment Slides
BTC: Price: $8,521 | MCAP: $153.8 Billion | 24-Hr Volume: $21.6 Billion
Trend: Bearish Bitcoin (BTC) is at risk of another sell-off after its price fell beneath a key moving average on Nov. 15, resulting from stronger performances amongst traditional assets. According to Jeff Dorman, CIO at Arca, an investment management firm dealing in digital assets, BTC’s drop in price is attributed to weaker trading activity in crypto and the stability of global markets. At 14:00 UTC, BTC fell 2.1 percent breaking through the 50-day moving average (MA), flagging potential for a deeper drawdown from Oct. 25’s high of $10,350. Long-term trend: Bearish A loss of the 50-day MA opens the doors to the $8,000 level, as confidence in crypto wanes, combined with a looming long-term bear cross of the 100 and 200-day MA’s, a long-term bearish indicator, prices could see further losses in the coming days. In addition, the RSI, a measurement of trader momentum and sentiment, has also failed to rise above the neutral line at 50.00 after falling beneath that point on Nov. 10, hinting at greater selling pressure for the week ahead. Read Analysis
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