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.
With yesterday’s price drop, the BTC's domination index now constitutes 66.11%. Below is the relevant data at press time:
Market Cap: $159,817,241,124
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.
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.
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).
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.