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Bitcoin Price Hits Multi-Year Low at $15.6K, Analysts Expect Further Drops

Investor sentiment in the cryptocurrency market has been rocked after Binance decided to terminate its deal with FTX to acquire the troubled cryptocurrency exchange. The event sent Bitcoin to new year-to-date lows and sent other altcoins sharply lower.

Cointelegraph data shows Bitcoin (BTC) plunged to $15,698 amid turmoil caused by potential FTX bankruptcy and failure of Binance trading. Analysts are looking at technical charts to find the next price path.

Analysts Expect Downside Continuation with Short Support at $12,000

Independent market analyst CanteringClark said BTC’s price could bounce above $15,000 in the short term. Citing various indicators, analysts suggested that Bitcoin could finally settle at the $12,000 level.

Will Bitcoin Price Fall Below Major Multi-Year Moving Averages?

Analyst Caleb Franzen explained that the Estimated Moving Average (EMA) is an indicator used to measure price over a period of time. According to Franzen, if Bitcoin’s price continues to fall, it will be the first time in its history that his 104-week EMA has fallen below his 156-week EMA if the price continues to fall.

read more: Bitcoin Sinks To New Annual Low At $16.8K As FTX Bankruptcy Fears Contagious

Fears are growing, investors are selling at a loss

Independent market analyst Dave the wave uses a logarithmic growth curve to highlight the growing market fear surrounding Bitcoin. According to Dave, if Bitcoin’s monthly candlestick falls below $16,907, Bitcoin’s growth will be undermined using this important long-term indicator.

Citing aSOPR on-chain metrics, Glassnode analysis shows that consumers are selling at a 10% loss. This has not occurred since the sale in June 2022.

Analysts across the market expect Binance’s bid to buy FTX to stop the current bleeding of the sale, and investors are likely to step up their risk-off stance now that the deal has been called off.