The price of bitcoin has reached its lowest level in several years: $15,600!

The price of bitcoin has reached its lowest level in several years: $15,600!

Investor sentiment in the cryptocurrency market is tightening after Binance decided to back out of its deal with FTX, to buy the struggling crypto exchange. The events sent bitcoin to a new annual low, while other altcoins also fell sharply.

Data from Cointelegraph shows that bitcoin (BTC) fell to $15,698 amid chaos caused by the possible insolvency of FTX, and the failure of the Binance market. Analysts look at technical charts to try to find the next price trajectory.

Analysts expect further decline with short support at $12,000

CanteringClark, an independent market analyst, said that BTC price could see a short-term bounce to $15,000. Citing many indicators, analysts suggested that bitcoin could finally settle around the $12,000 level.

It’s as pure a continuous break as it gets, and this time we have a catalyst to get it out. The $15,000 level could provide brief support, but the next major area where the price could settle appears to be around the $12,000 area. Cheap bitcoin is coming. — Clark (@CanteringClark) November 9, 2022

Will bitcoin price fall below key multi-year moving averages?

Analyst Caleb Franzen explained that the Estimated Moving Average (EMA) is an indicator used to measure the price over a certain period of time. According to Franzen, if the bitcoin price continues to decline, it would be the first time in its history that the 52-week and 104-week EMAs fell below the 156-week EMA.

#Bitcoin analysis using annual EMAs on weekly candles: 52 week EMA = 1 year, 104 week EMA = 2 year, 156 week EMA = 3 year. We haven’t seen the 52 or 104 EMA cross below the 156 EMA, but we are getting very close to it in this cycle. Is a new century coming for $BTC? Caleb Franzen (@CalebFranzen) November 9, 2022

Also read: Bitcoin falls to 1-year low of $16,800 as FTX insolvency fears turn into a catch

Fear grows and investors sell at a loss

Dave the wave, an independent market analyst, highlights the growing fear in the market around bitcoin using the logarithmic growth chart. According to Dave, if bitcoin’s monthly candle closes below $16,907, bitcoin’s growth will have slowed using this important long-term metric.

The LGC is tested here. Let’s see when #BTC closes on the monthly candle, which has the most meaning for long-term patterns.
— dave the wave (@davthewave) November 9, 2022

Citing the metric on the aSOPR chain, Glassnode analysis shows that investors are selling at a 10% loss, which has not happened since the June 2022 sale.

The last 48 hours have been marked by a series of dramatic events involving the FTX and Binance exchanges. In response, we saw #bitcoin aSOPR drop to 0.9, signaling that the average investor was making a 10% loss. It is as bad as the June sale, when prices first fell to $17,500. glassnode (@glassnode) November 9, 2022

Analysts across the market were expecting Binance’s bid to acquire FTX to stop the current selloff hemorrhage. Now that the market is rejected, investors are likely to increase their risk position.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of All investment and trading involves risk. You should do your own research before making a decision.

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