CryptoQuant Analyst Declares Bitcoin in Bear Market, Predicts Drop to $60K
- Bear Market Signal: CryptoQuant's head of research, Julio Moreno, indicates that Bitcoin entered a bear market in November as multiple metrics in his bull score index turned bearish, reflecting declining market demand and liquidity, which could undermine investor confidence.
- Price Prediction: Moreno forecasts Bitcoin may drop to the $56,000 to $60,000 range, based on its realized price and historical performance, representing a roughly 55% decline from its all-time high, highlighting increased market volatility.
- Institutional Demand Shift: In November, U.S. spot Bitcoin ETFs experienced $3.4 billion in net outflows, indicating a significant cooling of institutional interest driven by macroeconomic uncertainties, with BlackRock's IBIT alone facing $2.34 billion in redemptions during this period.
- Market Structure Changes: The current market environment differs from previous bear cycles, as no high-profile crypto collapses have occurred, and institutional accumulation provides a more stable demand floor, although weakened risk appetite in derivatives markets suggests ongoing challenges despite improved market maturity.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36028.802 | 48014.401 | 60298.822 | 72284.421 | 84568.842 | 96554.441 | 108838.862 |
| Fibonacci | 48014.401 | 57285.549 | 63013.273 | 72284.421 | 81555.569 | 87283.293 | 96554.441 |
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