menuIcon
$ 88,269.8
BTC
$ 88,269.8
1.29 %
$ 2,074.71
ETH
$ 2,074.71
0.19 %
$ 0.7712
ADA
$ 0.7712
1.62 %
$ 631.67
BNB
$ 631.67
-0.86 %
$ 145.12
SOL
$ 145.12
1.86 %
Sanjay Shukla
Nov 12, 2022
by Sanjay Shukla

BTC Technical Analysis: Bitcoin Drops Over 3.53% as Bear Continuous 

BTC Technical Analysis
The technical analysis of BTC indicates a continuation of the declining trend as the price struggles to cross above the 200-day SMA due to selling pressure.

The week has been a roller coaster for most of the crypto markets. Bitcoin (BTC) also saw a dramatic drop to its two-year low of $15,555 which it hit last time in November 2020 in the backdrop of the COVID-19 crisis, registering a drop of 21.59% in the last 7 days. The current crypto crash is coupled with a number of events including liquidity crises in US-based crypto exchange FTX and Binance-FTX failed acquisition deal. 

Although the market bounced back on Thursday, with BTC trading above $17,000, it could not maintain the bullish reversal on Friday and Saturday and dropped down below the crucial support of $16,900. 

Key Points

  • BTC price actions display a continuation of a bearish trend

  • BTC price action displays a power struggle at the 50 and 100-day EMA

  • The intraday trading volume in BTC is $49.45 billion

    • TradingView Chart

    BTC Technical Analysis

    As BTC does not show signs of a bullish reversal on the daily chart, the situation remains bearish. If BTC does not make its way back it may make support at $13,880. And if BTC bounces above the $18,000 resistance level, it would be put to test at $21,000. The 3.86% drop in market cap which stands at $321.92 billion reflects the buying pressure in the BTC market as prices remain relatively volatile. In the last 24 hours, BTC dropped more than 3.53% to make support near $15,722. If the prices drop below $16,000 again there are high chances of the breakout of present support. Trading at $16,718.39 at press time BTC touched the daily low of $16,351.42. 

    Technical Indicators

    Sharply diving below the 50% boundary from the overbought zone, RSI makes a bearish divergence moving below the 14-day SMA indicating a bearish breakout for buyers. On a bearish histogram, MACD and signal line makes a bearish crossover, maintaining a downtrend despite recent symptoms of recovery. 

    Therefore, the BTC technical analysis shows BTC has failed to overpower the current bearish cycle,  however, there is a possibility of a bullish reversal if BTC crosses the $18,000 resistance level. 

    Follow us on: News
    BTC BTC Technical Analysis Bitcoin
    BTC Technical Analysis: Bitcoin Drops Over 3.53% as Bear Continuous 
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

    Top Picks