How is Bitcoin (BTC) Looking Today?
Bitcoin is trading around $16,500 and looking quite bearish at the moment. The price has been dropping rapidly since the start of the week, and in a matter of days, Bitcoin is down approx $5,000. There has been plenty of bad news surrounding the crypto industry lately, which is playing a big role in pushing down BTC’s price. The macro trends have also looked bearish for a while now, and things seem to be playing at the moment. Let’s take a quick look at the Bitcoin Price Prediction Today (10-Nov-2022) to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we take a look at the 1-day Timeframe for Bitcoin, the first thing we can notice is that the price has broken below a crucial support level of $18,600.
The $18,600 mark has acted as strong support for months now, and breaking below it means that we could further sell off for Bitcoin. The macro trend has been bearish for a while now, and we are now seeing it play out.
If the price manages to get above this level in the next few days, it could prove to be a bear trap for Bitcoin. The current support we are watching for BTC is the $15,900 mark.
If the downtrend continues to the next level, we will be eyeing Bitcoin is the $14,000 mark. It is the area where the price has bottomed out previously.
Conclusion: Final Verdict Bitcoin (BTC)
Bitcoin is currently trying to regain some momentum, but the trend is still bearish. Right now, we will not be placing any short-term trade on BTC and will keep buying more in chunks. The Crypto industry is also facing some bad news at the moment, and it is possible that the price will drop further. In the coming weeks, the $12,000 mark is also possible.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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