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Bitcoin Nosediving for Weeks while Chinese Glee Dims

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by Azeez Mustapha · 3 min read
Bitcoin Nosediving for Weeks while Chinese Glee Dims
Photo: QuoteInspector

At the current moment, Bitcoin price is close to the key technical support level at $7,300.

Bitcoin, the world’s most famous cryptocurrency continued through this fall following charges from sharp pickups the previous month, plunging nearly 40% in just hours after China’s head of state made hopeful statements about blockchain innovation.

The digital money started in November at $9,131.42, before hitting $9,526.17 on November 4, after which it nosedived over 30% to a month at a monthly low of $6,524.55 on November 25.

Bitcoin endured some outstanding losses a month ago, after a bearish trend as it faced dull trading volume and negative bias.

The advanced assets discovered how to recover a portion of these losses, but completed November at $7,343.56, down nearly 20% for this month.

Now, Bitcoin has almost halved from its 2019 high of $13,879.24 in June and has reached more than 60% of its lowest level of $20,000.

While demonstrating the advanced currency price developments in November, Xi Jinping, President of the People’s Republic of China, pointed to lines at the end of October when he expressed that it was necessary “to stick to the opportunities of blockchain innovation.” a few factors.

The Head of State emphasized that the blockchain could be used to address many issues, from pre-financing of small to medium-sized enterprises to sanitation and social support.

However, the passion for Xi’s idealistic remarks has subsided as soon as the state news source provided the People’s Daily with some clarification, as reported by the South China Morning Post.

“The progress in blockchain innovation does not mean speculating on virtual fiat,” said the state news source South China Morning Post.

Bitcoin Momentum Awaits Fresh Triggers

Supply Levels: $7,300, $7,000, $6,600

Demand Levels: $8,200, $8,000, $7,800

In essence, BTC/USD has been moving back and forth since recovering from a level of $6,526. We need a strong momentum to slow down the gravity that holds the BTC around this axis.

The daily chart shows an upward bias, which can be interpreted as a moderately bullish signal, provided that we manage to clear the level at $7,600 (recent high) in the next couple of sessions. If this happens, we can see a return to the level of $7,800 and, possibly, to the critical zone at the level of $8,000 dollars by the end of the year. BTC/USD market confirmed its breakout through the prior session low after trading up to the level at $7,272 below the horizontal support zone on the level at $7,300.

Presently its price is close to the key technical support level at $7,300. BTC/USD is staying beneath the moving average 5 and 13 on the level at $7, 323.48. The outlook is clearly bearish, displaying an intact downtrend in the short, medium and long-term.

Bitcoin News, Cryptocurrency news, News
Azeez Mustapha
Technical Writer Azeez Mustapha

Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.

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