Bitcoin News Today – Headlines for November 19

  • Bitcoin is set to go into its halving year in bearish actions
  • Bitcoin breaks below a key support level
  • Will Bitcoin plunge below the $8k level in the near term?

Bitcoin News Today – Bitcoin (BTC) is increasingly becoming bearish, as the price of the digital currency slides even further. In the past, Bitcoin is usually bullish when its halving approaches. However, the reverse seems to be the case with this fast approaching Bitcoin halving. The digital currency wants to go into its halving year in bearish action.

Bitcoin (BTC) Breaks below Its Long Support Level

Over the past day, the price of Bitcoin (BTC) has been on a continuous downward trend. The bears are currently in charge of the digital currency and it is in danger of breaking below the $8k level. A few hours ago, the price of Bitcoin broke below the $8,500 mark, wicking down to the $8k level before the slight recovery. The digital currency recovered slightly and settled just over the $8,200 mark, this marks a decrease of more than 4 percent since the weekend.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

Many digital currency analysts are bearish on Bitcoin. Some of them are predicting that the digital currency might plunge further. The $8k level is currently the immediate support of the coin, and it might plunge below that level, according to some analysts.

Bitcoin Set to Go Into Halving Year in Bearish Action

The next Bitcoin (BTC) halving is just six months away, but this might be the first one with a bearish run-up. Will Woo – industry analyst – looked at the longer time frame charts and pointed out that the halvings in the past have always been bullish leading up to the event. In a tweet, Woo said:

NEVER gone into a halvening in BEARISH price action, miners already capitulating adding sell volume. Historically, we front-run with a BULLISH setup, miner capitulating only after halvening when revenues are slashed. This is a unique setup. Quite bearish leading up to the event.”

Woo said that as the price of the digital currency drops, the weaker miners will stop operations. This was the case during last year’s capitulation down to $3,000. This year, prices have plunged from around $14k down to $7,500, which is having the same effect on the miners.

Another analyst pointed out that there have only been two other Bitcoin halvings so there is not a great deal of data to go on. Someone else noted that a huge global recession seems to be impending for next year, which would also put pressure on the likelihood of a massive bull run. There might not be any major bull run for a few years.

However, Crypto Dog was pretty bullish and he pointed out that there is also a lot of competition between miners:

https://twitter.com/TheCryptoDog/status/1196601522588532736

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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