Bitcoin Bears Overpower Bulls Despite Stabilizing Prices; Will BTC fall below $16,000?
Bitcoin (BTC) bulls have managed to stabilize the price of the first cryptocurrency after falling to a two-year low earlier this week. Despite the short-term recovery, Bitcoin still faces a threat of further correction, considering that the market has yet to fully recover from the collapse of the FTX cryptocurrency exchange.
In this line, News from Kitco analyst Jim Wyckoff on November 25 stated that Bitcoin bears still have a technical advantage. However, he noted that bulls need to do more for Bitcoin to realize a bottom.
“While prices fell to a two-year low on Monday, the bulls have stabilized prices since then. The BC bears still have the overall technical advantage in the near term. However, the sideways price movement most of this week favors the bulls. Bulls need to show solid strength to suggest a market bottom is in place, he said.
Bitcoin price analysis
As it stands, Bitcoin is trading at $16,481, registering less than 1% gains in the last 24 hours. At its current value, Bitcoin has fallen around 75% from its previous all-time high.
Elsewhere, Bitcoin technical analysis is dominated by bearish sentiments, with a summary calling for a “sell” at 14 while the moving average is for a “strong sell”. Elsewhere, oscillators remain “neutral” at nine on the daily gauges sourced from TradingView.
At the same time, crypto trading expert Michaël van de Poppe has in one chirping on November 25, noted that Bitcoin is currently between levels while saying that the asset could potentially breach the $18,000 level.
“Bitcoin between the levels. Will obviously sustain above $16,250-16,450. Will obviously break $16,800-17,000. If that happens, the path to $18,400 is open,” he said.
Bitcoin’s possible bottom
Notably, with the market looking for a possible Bitcoin price bottom, a Finbold report noted that the asset’s recent price movement has mimicked a 2015 trend that resulted in a bottom. If the path is replicated, it may suggest that a price rally may be imminent.
It is worth noting that in addition to suffering from the FTX crisis-induced correction, Bitcoin has been affected by the prevailing macroeconomic factors led by skyrocketing inflation and interest rate hikes.
In fact, Bitcoin has consolidated to $16,500 after the Federal Reserve hinted at a possible slowdown from the aggressive rate hikes.
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