Bitcoin falls to $67,500 intraday low as technical signals turn bearish

Key points

• Bitcoin hit an intraday low of $67,500 on Bitstamp and traded near $69,140, down 5.4% on the day.
• Daily technical readings showed 16 bearish signals, nine neutral and one bullish across 26 composite indicators.
• The 14-period RSI stood at 26, below the oversold threshold of 30, while all 15 tracked moving averages sat above the price.

Bitcoin's price fell to an intraday low of $67,500 on Bitstamp before recovering to trade near $69,140, a 5.4% daily decline, Bitcoin.com News reports. The move left the leading cryptocurrency deeply oversold on several measures while the wider market stayed clearly bearish.

On the daily timeframe, 16 signals were bearish, nine neutral and one bullish across 26 composite indicators. The 14-period RSI registered 26, under the usual oversold level of 30, and the stochastic oscillator stood at 10. Momentum was minus 8,192 and MACD minus 2,454. All 15 tracked moving averages sat above the market, from the nine-period Hull moving average at $70,910 to the 50-period simple moving average at $80,558.

Chart breakdown

The one-hour chart traced the fall from about $80,689 on 6 Nov through $74,000, $72,000 and $70,000. Buyers lifted prices towards $69,500 after the drop, but volume was modest against the earlier sell-off. On the four-hour chart, lower highs and lower lows have persisted since about $84,843 on 21 Oct, and a rally to $81,500 on 4 Nov failed to break the pattern.

The article's verdict is that bears keep the technical advantage. A relief rally is possible from oversold levels, but a convincing recovery needs $70,000 reclaimed on stronger volume, while a decisive break below $67,500 would reinforce the bearish outlook.

What to watch: Traders are watching whether Bitcoin can reclaim $70,000 on stronger volume or break decisively below $67,500, the levels the article sets for the next move.

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