Bitcoin [BTC] price dipped below $9000 and the 200-Day Moving Average yesterday. Bulls, however, seem unnerved by the dip. The fear and greed index dropped slightly on the decline. However, unlike last time when BTC dipped below $9000, the sentiments seem more in the neutral range.

Bitcoin Fear and Greed Index (Source)

The price of Bitcoin [BTC] at 4: 00 hours UTC on 9th November 2019 is $8810. It tested a low at $8661 the previous day.

BTC is looking to fund support around the $8800 region. Trading Analysts like Sawcruhteez and Escobar suggests that $8.5k – $8.6k should act as strong areas of support.

Moreover, while a wick covered the gap on CME on 5th November, the price momentarily dropped to $8600 before climbing back up to the mean price above $9200. The overall market was not affected by the drop. Hence, the tendency to fill the gap at $8.6k is also acting as a healthy psychological support level as well.

btcusd funding rate
Bitcoin [BTC] Derivatives Funding Rates on BitMEX (TradingView)

The funding and premium rate index on BitMEX is positive despite the drop. Usually, a price dip is followed by negative change due to the fear of the bears. Nevertheless, the positive…

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Author: Nivesh Rustgi


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