Bitcoin (BTC) has since slipped below $17,000, with the asset held up in a tight range without a decisive move in either direction. With the asset breaching the $18,000 level, which has served as a critical support position in recent weeks, bears have retained control amid fears of further correction.
Following the recent price movement, Kitco News analyst Jim Wyckoff on November 15, noted that although bulls are working to stabilise the asset, they have been overpowered by bears, suggesting more losses for the maiden cryptocurrency could be imminent.
“Bulls are working to stabilise prices after recent selling pressure. Recent price action has formed a bearish pennant pattern on the daily bar chart. BC bears have the firm near-term technical advantage to suggest still more downside price pressure in the near term,” he said.
With the bears appearing strong, a previous Finbold report indicated that Bitcoin needs to hold in the region of $15,800. According to a crypto analyst by the pseudonym Moustache, breaching the level on the downside will open Bitcoin to a correction toward $13,0000.
The recent price trend has pushed market players to suggest that ongoing Bitcoin consolidation indicates that the asset has performed better than initially expected.
Bitcoin technical analysis
In the meantime, Bitcoin technical analysis favors the bears with a summary dominated by ‘sell’ at 14 while moving averages recommend a ‘strong sell’ at 13. Oscillators are exhibiting neutrality at nine.
By press time, Bitcoin was still attempting to regain recent losses triggered by the FTX exchange collapse. The asset was valued at $16,900, with gains of about 2.5% in the last 24 hours.
What next for Bitcoin
Despite the prevailing bearish condition, key opinion leaders believe the asset will likely survive the crypto winter. In this line, Tesla (NASDAQ: TSLA) CEO Elon Musk suggested that Bitcoin is likely to stay but warned the bear market might extend further.
However, the recent FTX crisis has resulted in more skepticism around Bitcoin, with Berkshire Hathaway (NYSE: BRK.A) vice chairman Charlie Munger terming crypto as a “bad combination” of “partly fraud and partly delusion,” and “a currency that is good for kidnappers.”
As Bitcoin reels from the FTX collapse, the market could receive a confidence boost as more exchanges continue to publish their proof of reserves. However, a possible regulatory reaction and macroeconomic factors are still central to determining Bitcoin’s future prospects.
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