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Bitcoin

Bitcoin Enters the Bears Yard?

What's in this article

Yesterday we marked the two conditions for Bitcoin and Bitcoin today made a move towards the Bearish area. Does that mean Bitcoin enters the Bears yard?

The Bitcoin price today is $47,330.83 USD with a 24-hour trading volume of $34,993,670,072 USD. Bitcoin is down 3.05% in the last 24 hours, with a market cap of $894,582,227,678 USD. It has a circulating supply of 18,900,625 BTC coins.

Bitcoin
Source: Tradingview

Bitcoin: Analysis

Bitcoin, as seen in the chart above, is moving inside a parallel bearish channel. Though it broke below the Bears’ area we still don’t have confirmation for the downtrend. As long as Bitcoin holds the $46,000 level there is the hope of a reversal. The next support for Bitcoin, besides $46,000, is the trend line below at $43,000 and then at $42,000 at the bottom of December 4. The local resistance for Bitcoin is EMA 100, the above shaded area, we call it the Bears’ Arena.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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