Bitcoin (BTC) attempts to exit the so-called “bear marketBitcoin may fall below $12,000 – bears gained technical advantage amid FTX liquidity crisis” failed after a high-profile liquidity crisis affecting the FTX crypto exchange. As a result, the flagship cryptocurrency has corrected to almost its two-year low, and “Bitcoin bulls may fall below $12,000 – bears have gained a technical advantage amid FTX liquidity crisis” look helpless.

Kitco News analyst Jim Wyckoff, in a Nov. 9 article, says the bears quickly gained technical strength to exert even more price pressure in the short term. He also noted that the failures of FTX as a whole have undermined investor confidence, and the market should expect “serious liquidity crises” in the future.

The market is still buzzing about the turmoil in the cryptocurrency markets on Tuesday, which resulted in safe buying of gold and sharply increased prices for the yellow metal and silver,

he wrote

Another crypto analyst, alias AltcoinSherpa on Twitter, suggested that amid current market conditions, Bitcoin’s next price action could mimic historical trends.

According to the expert, the asset may fall to $12,000, which will form its strong resistance. He also said the $20,000 position was “significantly disturbed.”

AltcoinSherpa stated that if the $12,000 position is reached, Bitcoin is likely to trigger increased buying pressure.

Cryptocurrency trading expert Michael van de Poppe noted that a drop to $10,000 is relevant, but the adjustment will depend on how the market reacts to the crisis.

In turn, Bloomberg Intelligence commodity strategist Mike McGlone said that the downturn in the cryptocurrency market could lead to capitulation in other markets – this is the so-called “macroeconomic domino”.
The bearish outlook has also extended to bitcoin technical specifications. As a result of one day, the indicator “Summary” indicates “strong sales” at around 16; the same is fixed by the Moving Average (MA) indicator – at level 14. Oscillators (Oscillators) show a “sell” at level 2.

In general, since the beginning of the year, the cryptocurrency market has lost almost $ 1 trillion in market capitalization under the pressure of a number of factors (increasing inflation around the world and the war in Ukraine), culminating in a series of bankruptcies involving crypto hedge funds and creditors, in particular Celsius Network, Voyager Digital and Three Arrows Capital and downsizing of companies like and Coinbase.

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