BITCOIN ANALYSIS TODAY (November 09)
The relative calm around Bitcoin (BTC) was broken and selling pressure was strong early Tuesday (November 8), as FTT (FTX Token) plummeted to a 21-month low due to lingering worries. on the financial health of trading firm Alameda Research.
According to CoinMarketCap data, within the past 24 hours, the Bitcoin price once fell to 17,603.54 USD/BTC, marking the lowest level in nearly 2 years.
The price of Bitcoin has again dropped below the key psychological threshold of $20,000. At the time of writing at 11:00 a.m. today, November 9, BTC price is trading at $18,250, down 10.30% over the past 24 hours.
Currently, the total market capitalization of Bitcoin is $356.3 billion.
Bitcoin Technical Analysis
The downtrend is supported by both leading and trailing indicators, such as the relative strength index (RSI), the MACD moving average, and the 50-day moving average.
If Bitcoin fails to reverse its downtrend at $18,700, a break below that level could open the door for more selling pressure further down towards $12,000.
On the other hand, Bitcoin's key resistance is at the $20,000 mark, and a break above it could lead BTC to $20,300 - $20,400, which was previously seen as a key support level last month.
Join the Fomo Group for more comments.
According to CoinMarketCap data, within the past 24 hours, the Bitcoin price once fell to 17,603.54 USD/BTC, marking the lowest level in nearly 2 years.
The price of Bitcoin has again dropped below the key psychological threshold of $20,000. At the time of writing at 11:00 a.m. today, November 9, BTC price is trading at $18,250, down 10.30% over the past 24 hours.
Currently, the total market capitalization of Bitcoin is $356.3 billion.
Bitcoin Technical Analysis
The downtrend is supported by both leading and trailing indicators, such as the relative strength index (RSI), the MACD moving average, and the 50-day moving average.
If Bitcoin fails to reverse its downtrend at $18,700, a break below that level could open the door for more selling pressure further down towards $12,000.
On the other hand, Bitcoin's key resistance is at the $20,000 mark, and a break above it could lead BTC to $20,300 - $20,400, which was previously seen as a key support level last month.
Join the Fomo Group for more comments.