- Bitcoin exhibits bullish potential in the last 4-hours.
- ADA is down by 3.81%, community wonders if a bullish reversal is likely.
- Bitcoin has seen a swing in price in the last 4 hours, surging from $17,543 to $18,281.
Recent BTC price development indicates BTC has plunged under $17.6K which was seen at its June low as the entire market sentiment remains bearish. The bearish sentiment is attributed to the FTX’s liquidation of around $1B worth of leveraged positions, leading the entire market to take a hit.
However, BTC has been able to bounce back above $18K and continues to show bullish potential as it attempts to break the $20K resistance level. ADA on the other hand is struggling to reclaim its previous high at $0.4. The altcoin is currently trading at $0.3656 as it attempts to break the resistance level.
The recent bear market is reflecting the June bear run, however, unlike June, the market has not seen a significant recovery. On Nov. 8, as BTC price rapidly fell to two-year lows, $200 million of long positions were liquidated.
BTC had rebounded to the $20,000 level but fell sharply after the struggling FTX crypto exchange got liquidated and Binance announced the purchase of equity in the firm. As of now, BTC has set a new low of $17.5k – which is actually lower than the macro lows of $17,600 that were seen back in June this year.
The digital asset set a support level of around $18,000 last week and is currently attempting to break the $20,000 resistance level once again.
ADA, on the other hand, is struggling to reclaim its previous high at $0.4 and is currently trading at $0.3656 as it attempts to break the resistance level. Despite the bearish market sentiment, ADA has seen a surge in adoption and real-world usage. The technical indicator for the ADA/USD pair is currently indicating that it is looking to rebound. However, the RSI is almost oversold, currently residing at 39.54 while the MACD shows bearish potential.
Overall, the market sentiment remains bearish as BTC and ADA struggle to break their respective resistance levels. However, both digital assets show bullish potential as they attempt to reclaim previous highs in the face of a bearish market.
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