Bitcoin (BTC) Price Analysis — A Pause Before a Rise or Drop to $8,500?

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    Has yesterday’s drop finished yet or should we be expecting a continuing decline?

Bitcoin (BTC) Price Analysis — A Pause Before a Rise or Drop to $8,500?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

On November 8, 2019, Bitcoin (BTC) dropped to a two-week low below its $8,800 mark. By the end of the day, the price fell below an important psychological level of $9,000, and is currently losing about 2%. What is more interesting, the altcoins have not followed BTC's sharp decline. Instead the majority of them are in the green.

Top 10 coins by Coinstats

With yesterday’s price drop, the BTC's domination index now constitutes 66.11%. Below is the relevant data at press time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $159,817,241,124

  • Price: $8,860.47

  • Volume (24H): $21,871,631,713

  • Change (24H): -1.72%

BTC/USD: Will the Bearish Wave Continue?

With yesterday's price drop, the rate of BTC has stopped around the $8,600 mark.

BTC/USD chart by TradingView

Looking at the short-term price scenario, BTC is on the verge of being oversold. This suggests that in the near future, there will be a rise in price. Moreover, the volume of selling is decreasing, which means that the bulls might seize on the initiative, pushing the price upwards to the $9,000 mark.

BTC/USD chart by TradingView

Looking at the daily chart, a bearish trend is gaining momentum, especially with BTC's price breaking past the 200-Day Moving Average (200 MA).

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If the exchange rate does not return to a zone above $9,000 in the near future, pressure from sellers will increase, and the price may drop below the 50 Simple Moving Average (50 SMA) to the $8,400 mark. For most of October, this level served as a strong level of resistance for BTC.

In conclusion, the bearish scenario prevails. Yet, BTC has not faced a drop in price, even after the formation of the Death Cross.

At press time, BTC is trading at $8,832.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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