Bitcoin Price Drops Slightly After Record
Bitcoin, which broke the record again this weekend, experienced a small drop.
Bitcoin broke a record with $ 7 thousand 454 on November 3, but on November 5, that is yesterday, It managed to set a brand new record by reaching $7,601.. However, the price could not stay at the level of $ 7 thousand 600 for a long time and fell back to the level of 7 thousand 400 in a short time.
Although Bitcoin broke a new record, it failed to stay above 7 thousand 400 3 times in total last week.
Although Bitcoin broke a new record.
What is preventing Bitcoin from seeing the $8,000 limit? It is not possible to give a definite answer to this question.. But let’s examine some of the reasons.
One of the reasons may be the reaction of the investors.. Judging by the social media, investors think that a small decrease will come after the increase and therefore they choose to act cautiously. This may be keeping Bitcoin from rising further.
Otherwise, investors may have realized that the upcoming SegWit2x hard fork is not meant to be “free money”.. There is no guarantee that SegWit2x will terminate successfully. There may be important problems that should not be ignored, and this situation worries investors.
According to the time of writing, the instant price of Bitcoin is at $ 7 thousand 329 and has lost 3% according to CoinMarketCap. case. Although Bitcoin does not manage to stay above 7 thousand 400, it does not fall below $ 7 thousand 200 for a long time.
However, it is still useful to be cautious.. According to the price analysis, there may be a decrease in the market.
The above table shows:
- Bearish (downtrend) price – RSI (relative strength index) divergence
- Prices failed to break the 4-hour 50-MA level of $7,425.
- It saw the 4-hour 50-MA peak.
Comments :
- RSI divergence- Considering that the 4-hour 50-MA did not end successfully and the moving average (MA) has peaked, a drop towards $7,444 is possible.
- A 4-hour drop below $7,444 may indicate that the rise that started at 5,376 (October 25 low) is now over, and Bitcoin price is healthy at $6,400-$6,189 (October 21 high). .
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