3 Bitcoin Price Factors That Suggest Bears Are in Charge

More from: | Coindesk |

The prospect of a deeper drop in bitcoin prices has increased, price-volume analysis indicates.

The world’s most valuable cryptocurrency, which had been trading sideways since September 22, fell sharply to a three-week low of $6,220 on Bitfinex yesterday, confirming a range breakdown.

The technical indicators on the daily chart also turned bearish, validating a negative moving average crossover on the long duration charts. Essentially, bears regained control 24 hours ago, opening the doors to the key support of $6,000.

Furthermore, the bearish case is now looking stronger than it did 24 hours ago due to these three factors:

1) BTC breached key support

As seen in the chart above, BTC witnessed a Bollinger band breakdown yesterday and also penetrated


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