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Bitcoin Technical Analysis: Is BTC Price Heading to Form New Lows Below $14K?

Key Takeaways:

  • The Bitcoin (BTC) price closed the previous day’s trade at $15,781.29 with a market capitalization of $306.88 billion & a circulating supply of 19.21 million BTC
  • The fresh sell-off has landed the BTC price to trade within pivotal zones and hence the token is speculated to remain within the descending trend for long
Current Price $15,812.12
Market Cap $303.81 billion
Circulating Supply 19.21 million
Max Supply 21 million
Vol (24H) $33.56 billion
Change (7D) -5.73%

Technical Analysis for November 2022

The Bitcoin price was trading within a bearish trend from the past couple of months, but the recent FTX collapse has fueled the rally towards the south. The extensive sell-offs have compelled the price to trade around $16,000 for quite a long time before it broke down the levels to mark new lows below $15,500. However, the bulls appear to be weak at the moment and hence the possibility of recovery is pretty fewer. 

The BTC price is now trading within a bearish flag pattern but is likely to undergo a short-term bounce above $16,000. This may be considered the final jump within the current capitulation phase which may be followed by a massive drop towards the bottom close to $12,000. Meanwhile, the levels around $14,000 may hold the price for a while, but the bulls may eventually fail to ignite a rebound. 

Read: FTX Collapse Explained

Technical Analysis at a Glance

Bitcoin price was largely trading within a stagnant until the FTX collapse shook the entire crypto space. The collapse has led to a ripple of fallouts that has negatively impacted the BTC price and the other altcoins as well. The traders have fallen into FUD while the long-term holders and the whales are facing acute losses. Hence all the pointers, indicate a massive fall incoming for the token before the end of 2022.

Short-Term (4hrs) The BTC price has reached the lower support around $15,700 and may undergo a short-term bounce beyond $16,000 but may face rejection at these levels
Mid-Term(1D) The selling pressure appears to have ceased a bit and the BTC price could be due for a minor bounce 
Long-Term(1W) The long-term forecast is pretty bearish as the price appears to be poised to mark new lows around $12,000 at the earliest

Technical Indicators & Pivot Levels

Indicator Value (Short Term(5 Hours)/Long Term (Weekly)) Action (Short Term(5 Hours)/Long Term (Weekly))
Relative Strength Index(RSI) 31.12 / 31.80 Sell / Sell
MACD -229.00 / -3809.7 Sell / Sell
Average Directional Index(ADX) 45.29 / 20.35 Sell / Sell
Ultimate Oscillator 37.50 / 44.81 Sell / Sell
Bull-Bear Power -624.54 / -5714.60 Sell / Sell

Pivot Levels

Moving Average Short Term(5 Hours) Long Term (Weekly)
MA 5 $15,878 $18,270.9
MA 10 $16,145.8 $18,727.9
MA 20 $16,413.1 $20,236.2
MA 50 $16,588.5 $30,092.3
MA 100 $18,212 $38,685.0
MA 200 $18,925.9 $24,055.9

The Bitcoin (BTC) price is stuck up within a deep bearish trap with fewer possiilties of a rebound. Most of the technical indicators are extremely bearish in the short term as well as in the long term. Hence the token is speculated to mark new lows before the end of the monthly trade. 

RSI in both the time frame is plunging, while MACD is extremely bearish. The ADX displays a weakened rally and the bull-bear power emphasises the dominance of the bears for an extended timeframe. Therefore, bearish clouds may prevail for an extended period ahead.

Read more: BTC Price Prediction

Bitcoin On Chain Analysis 

  • The Bitcoin hash rate has marked new highs of nearly 316 THs. This rise implies the mining of BTC may become more difficult which may further increase the computational power, while the BTC price is plunging hard

BTC Technical Analysis

Source: Glassnode

  • Bitcoin miner’s revenue has dropped heavily and marked the bottom at around $13.12 million from the yearly highs close to $50 million

BTC Technical Analysis

Source: Messari.io

  • The supply on exchanges has been decremental since the beginning of 2022 trade and presently has marked the bottoms close to 1.5 million. A drop in supply could be bullish but also indicates the platform could lag the required liquidity to carry out buy/sell trade.

BTC Technical Analysis

Source: Santiment

  • The NVT ratio, which is the ratio between the market capitalization and the trading volume has been surging significantly high. This implies that the traders are pricing Bitcoin at a premium and hence indicating the token could be overvalued

BTC Technical Analysis

Source: Messari.io

Bitcoin (BTC) Technical Analysis for Short Term

Bitcoin Technical Analysis

Source: Tradingview

  • The BTC price amind the fresh bearish pressure has dropped to the lower support zone between $15,756 to $15,932
  • The token is expected to hover within this range for a while, before pulling a massive leg down in the coming days
  • After experiencing a steep compression, the BTC price slipped lower and hit the lower levels of Bollinger bands
  • Therefore, as in previous, Bitcoin may rebound from the lower BB and rise high to reach the middle bands around $16,300.
  • Furthermore, the price may hover depending on the volume induced, but the bearish pressure appears to have outspread

Bitcoin (BTC) Technical Analysis for Long-Term

Bitcoin Technical Analysis

Source: Tradingview

  • Bitcoin price in the long term has been trading within a falling wedge, which is largely believed to be bullish 
  • However, before the bullish breakout, the price is expected to drop hard to reach the pinnacle of the wedge
  • Therefore, the price may hover along the lower support for a while and slightly drop below to get triggered to propel to reach the upper resistance of the wedge
  • Meanwhile, the trading volume also has risen significantly which may maintain the volatility of the asset for a longer time.

Read more: Ethereum Price Prediction

Where & How to Buy Bitcoin(BTC)?

Buying or selling Bitcoin is pretty easy & safe on CoinDCX. Just follow the below-mentioned steps,

  • Download the CoinDCX App
  • Enter the details to register
  • Complete the KYC
  • Once your profile is verified, fund your wallet & buy Bitcoin

FAQs

Is Bitcoin bullish or bearish?

Bitcoin price in the short-term is largely bearish. Meanwhile, the long-term trend remains positive.

What is the current RSI for BTC?

The RSI for the short-term is 31.12 while in the long term it is 31.8

Is it a good time to buy BTC?

The bears have largely dominated the Bitcoin price rally at the moment. Therefore, with a better understanding and extensive research, one can purchase Bitcoin at the right time.

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