Categories: Crypto

Bitcoin Price Drops Below $90,000: Where Are The Bulls?

Bitcoin Price has come down nearly -29% from its ATH in October. Compared to the S&P’s just over -4% and Nasdaq’s -7% drops, we can easily say that the BTC volatility is still a lot to take for traditional investors. Such a drop for the indexes can be observed at the COVID crash in 2020 and earlier this year, around the tariff wars. In the meantime, over the past 24 hours, there have been +$400 million worth of Bitcoin long positions liquidated. YoY Bitcoin ETFs have an inflow of $60 billion, and over the past two weeks, we’ve seen an outflow of $1.8 billion, which is nothing close to 29%. That should be telling.

https://twitter.com/CredibleCrypto/status/1990671762967888322?ref_src=twsrc%5Etfw” rel=”nofollow” target=”_blank

Lots of people might be in the doom for Bitcoin world. Some, like CrediBULL, are not. Others like him are the country of El Salvador, which recently bought $100 million worth. For some people, such dips are buy opportunities, and for others are a sell signal. That is what a free market looks like.

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Bitcoin Price Found the Weekly FVG – Is It Support?

(Source – Tradingview, BTCUSD)

How about we open the charts now? Let us begin with the 1W timeframe. Oh, the pain. This looks like one of the worst Novembers to have ever happened. 4 sell weekly candles in a row so far. We are still early, and the fourth might close higher.

But still, not what people expected for this month. We just dropped below the 2024 high and MA50 like a knife through butter – no support whatsoever. We have entered the

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Bitcoin
BTC

$93,330.06

3.19%

Bitcoin
BTC

Price

$93,330.06

3.19% /24h

Volume in 24h

$94.46B
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Price 7d

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FVG gap. Will this be the support we have been waiting for?

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(Source – Tradingview, BTCUSD)

On the Daily timeframe, BTC’s nuke still does not appear to have bottomed. RSI, on the other hand, is very much at its bottom. From our previous analysis, the $110,000 box was never even visited, nor any of the Moving averages, before the price took a downturn.

Some buyers are starting to step in now, but bulls have a lot of work to do to reverse the damage. At some point, price can be expected to start ranging and for a temporary bottom at least. Then retest one of the key levels or Moving Averages. The reaction to that retest will be telling.

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Conclusions And Strategy: When Will Bitcoin Price Bounce Back?

(Source – Tradingview, BTCUSD)

Since higher timeframes look like crap, traders can look for initial bottoming signs on lower timeframes, such as the 4H. Immediately, we notice the RSI has bottomed. And we have the MAs in a downtrend formation. However, a retest of the MA50 could be imminent, possibly followed by a test of the MA100.

It could be tough to trade this, so quick entry and exits are preferred in this kind of environment. For now, it seems that a reclaim of the $100,000 level is crucial for the high-timeframe uptrend to continue.

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