Don't Fret, Bitcoin Dropping Below USD 57,000 is a Golden Opportunity
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The bitcoin market is a volatile one indeed. A week ago traders were celebrating USD 69,000, today the price of bitcoin drops 19% to as low as USD 55,600 on Binance. As bitcoin’s price plunged, more than USD 500 million was wiped out from its USD 3 trillion market cap. Despite the bull's efforts to take back USD 63,000, the bear now has the upper hand.
There are many reasons to believe bitcoin’s short-term outlook is bearish. For one, bitcoin has broken its 50 MA and support of USD 58k, what was considered a strong support zone just a few days ago. Now another support level to watch is USD 55.6k, should bear manage to take over it, bitcoin could go all the way down to USD 53k.
In the storm, many analysts still call out USD 100,000 as the year-end goal for bitcoin. According to a contributor from CryptoQuant, the market should be prepare for a short squeeze as “Futures Market structure, the funding rate and OI momentum trends are forming a perfect setting for a "Short-Squeeze" scenario.”
Meanwhile, the RSI indicator has approached 30% several times, indicating oversold in the bitcoin market. Scott Melker, a crypto investor and analyst who is the host of The Wolf Of All Streets Podcast, opines that the market is having “healthy correction”, and he believes the USD 53k level will be a strong support.
The next few days could determine bitcoin’s short-term trend. On November 19, as USD 1.1 billion weekly Options will expire. Both bulls and bears will try to take USD 60k. Now the call-to-put ratio is at 1.35, indicating bears are slightly in control of the market now.
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