Key Takeaways
- Bitcoin suffered a fresh price decline last week toward $86k, as the price could see further declines.
- Crypto experts and traders hint at a possible market crash if BTC fails to defend its key demand zone at $80k.
- Bitcoin’s technical indicators and price signal short-term bearish weakness, as the price continues to trade in a range with significant uncertainty.
The price of Bitcoin (BTC) has produced one of the best trading months in November after many years, as the price of BTC crashed over 17%, one of its disappointing records, building on its difficult trading month of October, where the price saw over 35% decline in a single month.
This decline has led many altcoins to suffer huge losses, with the likes of Ethereum, Solana, Dogecoin, and Ripple struggling to build sustained upside price action.
As the price of BTC heads into the close of the year and its last quarter, crypto experts and analysts are paying close attention to its current price action in the coming weeks, as the price could suffer another market crash if it trades below $80k, which has acted as a key support zone for its overall price.
Current Bitcoin market indicators are oversold, leading to slight market optimism of a potential market rebound to the upside, potentially towards $107k, as this could help price build a strong price action towards key highs.
If the price of BTC continues to struggle in the coming weeks and potentially trades below the $80k demand zone, we could see the market enter an extended bearish trend, which could affect sentiment in the crypto space.
Why $80K Zone is Bitcoin’s Last Bullish Chance
Crypto expert Ali Martinez has taken to his X account to share his expectations and views on BTC’s price action and market outlook amid market uncertainties and BTC price struggles. According to the crypto expert, BTC must defend its price from trading below $84k, which is a key zone for price; a break to the downside could lead to a market crash.
While the price of BTC continues to move in a range for the past few weeks, traders and investors are patiently waiting for its price to determine their next line of action, as a strong breakout for BTC to the upside could lead to potential new all-time highs, while a breakdown in price towards $77k could see bears control price more.
FAQs
Will BTC go back up?
The price of Bitcoin crashing to its yearly low of $80k has raised concerns among crypto traders who are not convinced of the price action.
Why did Bitcoin crash now?
The crypto market crashed due to market uncertainties and a shift in sentiment from bullish to bearish, as BTC trades with extreme caution.
Is BTC expected to rise or fall?
The price of Bitcoin is attempting to rebound from its key support zone of $90k as it aims for a short-term price gain towards $107k.
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