In this line, Kitco News analyst Jim Wyckoff on November 25 stated that Bitcoin bears still have a technical advantage. However, he noted that bulls must do more for Bitcoin to realize a bottom.
Bitcoin price analysis
As things stand, Bitcoin is trading at $16,481, recording less than 1% gains in the last 24 hours. At its current value, Bitcoin has dropped about 75% from the previous all-time high.
Elsewhere, Bitcoin technical analysis is dominated by bearish sentiments, with a summary going for a ‘sell’ at 14 while moving averages are for a ‘strong sell’. Elsewhere, oscillators remain ‘neutral’ at nine on the daily gauges as retrieved from TradingView. At the same time, crypto trading expert Michaël van de Poppe in a tweet on November 25, noted that Bitcoin is currently between levels while stating that the asset can potentially breach the $18,000 level.
Bitcoin’s possible bottom
Notably, with the market looking for a possible Bitcoin price bottom, a Finbold report noted that the asset’s recent price movement has mimicked a 2015 trend that resulted in a bottom. Indeed if the trajectory is replicated, it could hint that a price rally might be imminent. It is worth noting that besides suffering from FTX crisis-induced correction, Bitcoin has been impacted by the prevailing macroeconomic factors led by skyrocketing inflation and interest rate hikes. Indeed, Bitcoin has consolidated at $16,500 after the Federal Reserve hinted at a possible slowdown from the aggressive interest rate hikes. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
