Bitcoin (BTC) attempts to get out of the so-called “bear market” 
A bear market is a trend in the financial markets where assets such as stocks, bonds, ETFs or cryptocurrencies fall in value have failed in the aftermath of the high-profile liquidity crisis affecting the FTX crypto exchange . As a result, the flagship cryptocurrency has corrected to almost its two-year low, and the “bulls Bulls are those who buy cryptocurrencies (securities or commodities) in anticipation of a rise in prices or those whose actions cause such a rise in prices “look helpless.
Kitco News analyst Jim Wyckoff, in a Nov. 9 article, says the bears quickly gained technical strength to exert even more price pressure in the short term. He also noted that the failures of FTX as a whole have undermined investor confidence, and the market should expect “serious liquidity crises” in the future.
“The market is still buzzing about the turmoil in the cryptocurrency markets on Tuesday, which resulted in safe buying of gold and sharply increased prices for the yellow metal and silver,” he wrote.
Another crypto analyst, alias AltcoinSherpa on Twitter, suggested that amid current market conditions, Bitcoin’s next price action could mimic historical trends.
$BTC : Here are my lower levels if/when things get really bad. 12k would be very strong support, let’s hope price doesn’t get there. Notes on the chart. #BTC #Bitcoin pic.twitter.com/KPnsjjZSlU
— Altcoin Sherpa (@AltcoinSherpa) November 9, 2022
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According to the expert, the asset may fall to $12,000, which will form its strong resistance. He also said the $20,000 position was “significantly disturbed.”
AltcoinSherpa stated that if the $12,000 position is reached, Bitcoin is likely to trigger increased buying pressure.
Cryptocurrency trading expert Michael van de Poppe noted that a drop to $10,000 is relevant, but the adjustment will depend on how the market reacts to the crisis.
Could the markets fall towards $10K for #Bitcoin ?
Definitely, that’s a likely possibility or $12-14K too, all depending on how things are going to develop from here.
However, I wouldn’t dare to start shorting #Bitcoin here.
Rather DCA & invest.
— Michaël van de Poppe (@CryptoMichNL) November 9, 2022
In turn, Bloomberg Intelligence commodity strategist Mike McGlone said that the downturn in the cryptocurrency market could lead to capitulation in other markets – this is the so-called “macroeconomic domino”.
This Bitcoin, Crypto Slump May Trigger Macroeconomic Dominoes — The breakdown of #Bitcoin and #crypto assets may trigger capitulation sell stops in most markets that have been under pressure this year. pic.twitter.com/p2Uq5pSJye
— Mike McGlone (@mikemcglone11) November 9, 2022
The bearish outlook has also extended to bitcoin technical specifications. As a result of one day, the indicator “Summary” indicates “strong sales” at around 16; the same is fixed by the Moving Average (MA) indicator – at level 14. Oscillators (Oscillators) show a “sell” at level 2.
Meanwhile, bitcoin continues to free fall and was at $17,200 as of the evening of November 9, having lost 11% in the last 24 hours.
In general, since the beginning of the year, the cryptocurrency market has lost almost $ 1 trillion in market capitalization under the pressure of a number of factors (increasing inflation around the world and the war in Ukraine), culminating in a series of bankruptcies involving crypto hedge funds and creditors, in particular Celsius Network, Voyager Digital and Three Arrows Capital and downsizing of companies like Blockchain.com and Coinbase.
According to data compiled by Finbold, the number of Bitcoin millionaires decreased by 70.23% in the first three quarters of 2022 due to the bear market, and as of September 28, 2022, the total number of Bitcoin millionaires was only 29,497.
Source: Finbold
