Is Panic Coming To BTC That Is Around $100,000? Bitcoin November 7
The rise of stablecoins led Cathie Wood to slightly lower her forecast for Bitcoin. He now estimates that the crypto king could be worth $1.2 million by 2030 instead of $1.5 million. For now, Bitcoin is mainly trying not to lose the psychological threshold of $100,000. And that’s no small thing, because investors could panic according to the on-chain indicator. We will cover the bitcoin situation in today’s bulletin!
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Bitcoin price maintains $100,000
Buyer again yesterday defended $100,000. Despite everything, the buying reaction remains febrilebecause the price of bitcoin down 1% in 24 hoursalmost 7% per week and more than 15% in one month :
Bitcoin performance against different pairs. Source: Coincheckup
The king of cryptocurrencies is in red over the past six months against the dollar. At the same time, the BTC/ETH ratio is growing 6.7% in one weekfrom 11% in one month and more than 8% for three months.
Investors Who Might Panic About Bitcoin!
The cryptocurrency king is experiencing a empty passage for several weeks. BTC first he lost $120,000afterwards $110,000and now they are trying to do it keep $100,000. Almost all of themcirculating supply of BTC was in profit just a few weeks ago as down more than 20%more and more operators find themselves at a loss:
Data from Glassnode suggests this 70% of the circulating supply is in profit. With the price of bitcoin around $100,000It exists fewer operators in profit than at the beginning of the yearwhile BTC developed under 80,000 dollars.
If the situation does not improve, a stress climate could settle aa panic can happen on the side of the investor. BTC is going through a delicate phase, but it can still recover. The technical indicator signals that the king of cryptocurrencies is still in bull market.
Towards a new drop below $100,000 for BTC?
BTC is va feverish dynamics from the peak recorded in early October. After a 20% dropthe price evolves between moving averages (EMA 9/EMA 18) bearish and support of $101,500 :
If the trend remains bearish and the buyer won’t wake up, the price might fall below $101,500. BTC could then find support of $98,000. However, if the price holds level at $101,500it could go back up resistance at $106,500. The RSI has been falling since the end of October, momentum is therefore febrile.
The cryptocurrency king remains above $100,000, but there is still a risk of a short-term downside. And if Bitcoin doesn’t recover, investors could panic. As BTC struggles to maintain $100,000, JPMorgan believes the price could soon reach $170,000.
BITCOIN NEWS THAT COUNTS
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