Share this article
Bear Revival? Bitcoin Risks Fall Below $8K After 3.5-Week Low
Bitcoin hit a 3.5-week low of $8,100 earlier today and now risks a bear revival, the price chart analysis indicates.
Updated Sep 13, 2021, 7:57 a.m. Published May 16, 2018, 1:00 p.m.
Bitcoin's (BTC) bears have unraveled the minor rally in prices since Saturday and are now looking to pull the cryptocurrency below the $8,000 mark, the technical charts indicate.
The bears' comeback comes after bitcoin saw minor gains after the May 12 low of $8,204, but the bulls repeatedly failed to cut through the key falling trendline hurdle. As a result, bitcoin fell to a 3.5-week low of $8,100 on Bitfinex earlier today.
STORY CONTINUES BELOW
Mis geen enkel verhaal.Abonneer je vandaag nog op de Crypto Daybook Americas Nieuwsbrief. Bekijk Alle Nieuwsbrieven
As of writing, BTC is changing hands at $8,366 – down 4.7 percent in 24 hours.
Daily chart
The above chart shows that bitcoin has dipped below the 50-day moving average (MA), currently located at $8,290. As discussed yesterday, a close (as per UTC) below the 50-day MA would signal resumption of the sell-off from the recent high of $9,990 and could yield deeper sell-off to $7,800.
Advertentie
The rejection at the descending trendline hurdle and a drop to $8,100 has reinforced the bearish view put forward by the short-term moving averages (5-day and 10-day), which are sloping downwards in favor of the bears.
The retreat from $8,884 to $8,100 has also established a falling top (lower highs pattern) – a (you guessed it) bearish setup. While the 10-day MA has crossed the 100-day MA from above (bearish crossover), and the relative strength index (RSI) is also biased bearish (below 50.00 and falling).
As a result, there is a high probability that bitcoin will now go on to close today (as per UTC) below the 50-day MA and confirm a bear revival.
4-hour chart
The bad news (for the bulls, at least) continues in the 4-hour chart. The downside break of the expanding channel (bearish breakdown) indicates the sell-off from the May 5 high of $9,990 has resumed and could yield a drop to $7,524 (target as per the measured height method).
Note, the major moving averages (50, 100 and 200) are sloping downwards (bearish).
Advertentie
View
- BTC will likely close below $8,290 (50-day MA) today and confirm a bear revival.
- The cryptocurrency looks set to test support at $7,787 (61.8 percent Fibonacci retracement of the rally from April 1 low to May 5 high) and could go as low as $7,524 (expanding channel breakdown target) in the next 24–48 hours.
- An unexpected break above $8,884 would abort the bearish view.
Bear graffiti image via Shutterstock
Meer voor jou
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Wat u moet weten:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
