Bitcoin Price Takes Major Hit, Why The Bears Are Not Done Yet

Nov 9, 2022 04:00 am Cryptocurrency 108

Bitcoin price declined over 10% and even spiked below $18,000. BTC remains at a risk of more losses, as the FTX faces more heat.

Bitcoin started failed to recover ground and declined over 10%.

The price is trading below $19,500 and the 100 hourly simple moving average.

There is a connecting bearish trend line forming with resistance near $18,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down towards the $17,500 and $16,800 support levels.

Bitcoin Price Nosedives

Bitcoin price started a major decline after it settled below the $20,000 support zone. FTX’s problems escalated the issues and the crypto market faced a strong selling pressure. BTC declined below the $19,500 and $19,000 levels.

The bears were able to push the price below the key $18,500 support. The price even dives below the $18,000 level and settled well below the 100 hourly simple moving average. A low wa ..

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