On the last day of November, the cryptocurrency market is in a relatively neutral mood. The rates for the top 10 coins have not increased or decreased by more than 2%. Bitcoin (BTC) currently has the biggest gain, as its price has gone up by almost 2% since yesterday.
Below is the relevant data for BTC at press time:
Market Cap: $139,186,224,885
Volume (24H): $18,498,079,462
Change (24H): 1.99%
BTC/USD: Pay Attention to the $8,000 Level
November was extremely bearish for the world's largest digital asset, as BTC registered a six-month low. However, signs of recovery appeared after the November 22nd and 25th fall.
Looking at the 4H chart, the bulls are losing ground and the last price before the bears seize the initiative again. This might be at the $8,000 mark. The upcoming sellers’ dominance is confirmed by the fact that the relative strength index (RSI) is getting closer to the overbought area.
The bigger time frame shows the declining interest of buyers based on the trading volume index. BTC has not moved out of the descending channel, which suggests continuing pressure by the bears.
To sum it up, if BTC cannot fix above the $8,000 mark, then the price will continue to drop to $7,500 and possibly below.
At press time, BTC is trading at $7,692.