December 6, 2022

Bitcoin Price Analysis: The BTC Coin Drops Below Another Crucial Support Of 0.5 Fibonacci Retracement Level

2 min read

BTC coin

The BTC coin is still trapped in a correction stage that has actually dropped below the 0.5 FIB level. If the coin handles to sustain listed below the coin$48500, the coin will extend this retracement. Nevertheless, a piece of favorable news for this Bitcoin is that its hash rate has actually breached the previous All-time High of 180ET/s (7-day moving average).

Key technical points:

  • The BTC coin bears recover the 200-day EMA
  • The intraday trading volume in the BTC coin is $26.9 Billion, suggesting a 3.13% loss.

TradingView Chart

< img src=""alt= "TradingView Chart"/ > Source-BTC/USD chart by Tradingview On November 10th, the BTC coin marked its New All-Time High at$69000 and participated in a normal correction stage. Nevertheless, this minor pullback has actually extended more than the holder’s expectation and has actually just recently breached the vital assistance of the 0.5 FIB level and 200 EMA line together. Up until now, the coin has actually lost 30 %of its value from the previous swing

high and is currently attempting to retest the broken resistance of$ 64870. The coin could drop to the $44000 mark if the price sustains below this. The daily Relative Strength Index( 56) displays a stable drop

towards the oversold territory. Bitcoin Hash rate Fully Recover From Impacts of China Ban Source-Coinmetrics In May, Bitcoin hash rate took a substantial toll when China banned bitcoin services in their nation. As China was the major factor to the world’s bitcoin mining, the hashrate for BTC

experienced a negative effect on its worth and started falling lower and lower. By the end of June, it lost

50 %of its worth and plunged to the 84.8 ET/s (7-day moving averages ). Nevertheless, North American bitcoin mining business emerged and did their task to support the network’s hash rate. From July, the metric started the constant in its chart, which just recently broke the previous All Time-High of 180ET/s (7-day moving average)and is currently walking around 181.5 ET/s, indicating a 113%increase in five months. The post Bitcoin Price Analysis: The BTC Coin Drops Below Another Crucial Support Of 0.5 Fibonacci Retracement Level appeared first on Coingape.