As one analyst recently revealed, the Bitcoin price signals are entering bear territory, which may seen crazy considering the fact that BTC is still three times higher compared to the December bottom. However, price analysis confirms that BTC is in more of a precarious situation than some think.
The question which remains at this point is: “Can Bitcoin recover – and if so – how fast?”
The latest cryptocurrency news show that BTC is trading at around $9,920 after losing support at $10,000 overnight. Since Bitcoin peaked at nearly $14,000 in late June this year, it has not been living up to its potential. The most dominant cryptocurrency has collapsed all the way to $10,000 where analysts note that bear pressure is building.
Even though some have shaken off this as ‘FUD’ – technical indicators show that the Bitcoin price signals show control by the bears. In fact, analysts featured on many best cryptocurrency news sites also show this.
One of them is Crypto Hamster, who summed up the Bitcoin price signals and condition as “unprecedentedly low for a bull market.”
$BTCUSD, 1W.
Stochastic is unprecedentedly low for a bull market. Technically, entering the bear territory again.
We should've gone up long time ago.
This is why this correction is that scary.
Reasonably scary.$BTC #bitcoin pic.twitter.com/A40szZjBWi— CryptoHamster (@CryptoHamsterIO) September 23, 2019
As they added, the indicators for BTC show that the cryptocurrency is entering a “bear territory” and regions which have not been seen since 2018 and the crypto winter or 2014/2015 and the continuous bear market.
$BTCUSD, 1W.
Vortex Indicator just made a bearish cross.
It is not necessarily a doom's sign, but still alarming. $BTC #bitcoin pic.twitter.com/PGEK9IKsmF— CryptoHamster (@CryptoHamsterIO) September 23, 2019
From another perspective, we can also see that the key moving averages signalling whether an asset is in a bull trend or bear trend are also approaching Bitcoin’s current price. As the Bitcoin price signals show, the 200-day moving average which is important is currently around $8,800.
Furthermore, a sustained loss of that level, coupled with any of the other key moving average supports, would really be a nail in the coffin for the current bull cycle – even though it has just started.
The latest Bitcoin and altcoin news updates show that alts are moving in correlation to the bearish style of BTC. However, there are analysts like Willy Woo who go in contrast to this belief. As he popular analyst said:
“Cheat sheet map of where we are in this bull market according to on-chain metrics. We’re closing up the opening act of the bull market and awaiting the middle bull market to commence,” in reference to the chart below.
Cheat sheet map of where we are in this bull market according to on-chain metrics. We're closing up the opening act of the bull market, and awaiting the middle bull market to commence. pic.twitter.com/xkmY5i605G
— Willy Woo (@willywoo) September 21, 2019
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