Market Analysis

Bitcoin Price Analysis Nov.13: Back in danger, are the bears following NASDAQ?

from Crypto Potato 5 years ago 0 0 746

In our previous analysis, we mentioned the ascending trend-line, which stopped Bitcoin from getting to new lows. Unfortunately for the bulls, Bitcoin had broken that trend-line. Since then, after failing to break through the resistance of the 50 and 100 days moving average lines, along with the descending trend-line, Bitcoin is back down to discover new lows. For the first time in two weeks, BTC meets with the $6250 support level (as the current low).

The reasons, in my opinion, are the low volume that let’s move the market easily, and also the global stock markets. Unless we suffer from a crisis (such as the Subprime), I see a correlation between the Nasdaq’s bleeding red and the crypto markets. People are looking for a safer and less volatile place for their funds during such days.