Bitcoin Below 50-Week Average Warrants Caution; Break of $73,000 Could Open Drop to $68,000

Summary

Forecast Trend Report by Period

Bitcoin warrants a cautious approach while it remains below its 50-week moving average, and a break of $73,000 could lead to a further decline to $68,000, according to an analysis from Wintermute.

The crypto market maker said in a market report on November 10 that Bitcoin has become sensitive again to macroeconomic trends and moves in U.S. stocks after rebounding to $81,000 last week and then surrendering all of those gains.

Bitcoin briefly fell to $73,500 over the weekend, testing the 200-day moving average near $73,000. Its weekly close also slipped below the 50-week moving average of about $75,500, ending a seven-week streak above that level.

A daily close below $73,000 and the 200-day moving average would put the next downside target at $68,000, Wintermute wrote. By contrast, the market could turn constructive again if Bitcoin regains and holds $80,000 and spot Bitcoin exchange-traded funds return to weekly net inflows.