• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
Bitcoin BTC

Bears Take Full Control of Bitcoin, But Here’s Why Recovery Can’t Be Dismissed

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 2 mins read

Bitcoin has continued to move lower as bears take full control of the cryptocurrency’s price action, and it now appears to be a certainty that BTC will revisit its November lows that were set at $6,500 roughly three weeks ago.

This current bearishness has drastically impacted the overall market sentiment for the worst and has led some investors to believe that the crypto will continue dropping until it reaches a significantly lower price region.

In spite of this, all hope is not lost for bulls, as there are a couple technical signals that point to the possibility that this is the final leg down before the next BTC price rally.

Bitcoin Fast Approaches Multi-Month Lows as Bears Take Firm Control

At the time of writing, Bitcoin is trading down just under 5% at its current price of $6,800, which marks a notable decline from its daily highs of $7,200 that were set just prior to the start of BTC’s ongoing short-term downtrend.

It is important to note that today’s leg down has not shown any signs of halting any time soon, as the crypto has not been able to find any notable support around its current levels that bolsters its price action.

It is highly likely that its next key support level will exist within the $6,500 region, which is where the cryptocurrency found significant support during its capitulatory drop seen in late-November when Bitcoin plummeted from nearly $9,000 to lows of $6,500 before posting a strong and decisive bounce.

Big Cheds, a popular cryptocurrency analyst on Twitter, concisely explained in a recent tweet that he believes Bitcoin will soon revisit its November 25th lows.

“$BTC #Bitcoin heading fast for a re test of Nov 25th lows,” he explained.

$BTC #Bitcoin heading fast for a re test of Nov 25th lows pic.twitter.com/5Tq6iMlsw2

— Cheds (@BigCheds) December 17, 2019

Could BTC Be Showing Subtle Signs of Underlying Bullishness?

Josh Olszewicz, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Bitcoin might be showing a couple signs of potential bullishness in spite of its overt bearishness, pointing to an RSI and volume bull divergence and a possible falling wedge.

“1D $BTC: TK C-Clamp vs Bearish BBand expansion. Notable mentions – RSI and Volume bull div building – H&S looking as real as a heart attack – Or wait, is that a falling wedge?”  He noted while pointing to the charts seen below.

1D $BTC

TK C-Clamp vs Bearish BBand expansion

notable mentions
– RSI and Volume bull div building
– H&S looking as real as a heart attack
– Or wait, is that a falling wedge? pic.twitter.com/DFryjA2tPA

— Josh Olszewicz (@CarpeNoctom) December 17, 2019

How Bitcoin responds to the $6,500 level in the coming days will provide massive insight into where the markets are heading next, as a failure to bounce here could signal that significantly further downside is imminent.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
Tweet123Share196ShareSend
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Ethereum Security Jack Dorsey

Former Twitter CEO Claims Ethereum Is A Security, Will This Affect Prices?

4 hours ago
crypto hack

Atomic Wallet Hack: Stolen Crypto Moved Through Mixing Service Linked To North Korean Hackers

5 hours ago
Cardano ADA

Cardano Founder Unveils SEC Motivation For Suing Binance

8 hours ago
“Not just an ordinary crypto exchange”: MaskEx’s Ben Caselin Reveals Ambitions Of UAE’s Hottest New Exchange Platform

“Not just an ordinary crypto exchange”: MaskEx’s Ben Caselin Reveals Ambitions Of UAE’s Hottest New Exchange Platform

10 hours ago
HedgeUp (HDUP) Anticipates 50X at Launch in June, Shiba Inu (SHIB) and Dogecoin (DOGE) Investors Fill Their wallets

HedgeUp (HDUP) Anticipates 50X at Launch in June, Shiba Inu (SHIB) and Dogecoin (DOGE) Investors Fill Their wallets

10 hours ago
Polygon (MATIC) Drops 4%, HedgeUp (HDUP) Rallies 300% in Stage 4 Presale, Whilst gaining 400+ Holders daily

Polygon (MATIC) Drops 4%, HedgeUp (HDUP) Rallies 300% in Stage 4 Presale, Whilst gaining 400+ Holders daily

10 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    6 days ago
  • Willing to buy new crypto: Here are the best 10...

    6 days ago
  • Best Crypto Meme Coin Presales in 2023

    6 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Can Mooky.io Outpace Dogelon Mars (ELON) and Big Eye Coin...

    10 hours ago
  • Is Mooky the Next Breakout Star after the Impressive Gains...

    10 hours ago
  • Didn’t Make Millions With Pepe (PEPE)? DigiToads...

    12 hours ago
  • Experts are hailing InQubeta (QUBE) and Arbitrum (ARB) as...

    13 hours ago
  • Experts update ETH price prediction

    14 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.