Bitcoin Is in a Dip as It Trades Marginally Between Levels $15,500 and $18,150

Key Highlights
BTC price has slumped to the low of $15,632
Bitcoin is targeting another low of $15,500

Bitcoin (BTC) Current Statistics
The current price: $16,790.96
Market Capitalization: $352,355,699,605
Trading Volume: $51,031,555,594
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin (BTC) Price Analysis November 11, 2022
Following a recent dip to a low of $15,632, the price of Bitcoin (BTC) is currently in a downtrend. The largest cryptocurrency at the moment only fluctuates within a narrow range. One Bitcoin can be purchased for anywhere between $15,500 and $18,150. The current price thresholds will be crossed when Bitcoin starts moving once more. Bitcoin has turned around and is now in the middle of the trading range. The biggest cryptocurrency will continue its upward trajectory if the price rises again over the current level of support.

A price recovery will break the $17,605 and $18,717 resistance levels. The upward trend will be encouraged to carry on and rise to the symbolic threshold of $20,000. Bitcoin will drop if the selling pressure increases once again, retracing its steps to its most recent low of $15,500. Bulls will buy upward dips if the BTC price retraces and maintains above the $15,500 support level. If the $15,500 support is breached, the negative trend will restart.

Bitcoin Technical Indicators Reading
Following the current market drop, the Relative Strength Index for period 14 indicates that Bitcoin is at level 32. As Bitcoin falls, the selling pressure will persist. The price bars are below the moving average lines, indicating a further decrease in the value of the cryptocurrency. Below level 20 on the daily Stochastic, Bitcoin has crossed into the oversold territory. The selling pressure has reached its limit of bearishness.

Conclusion
Following the recent breach of the $15,500 support, Bitcoin is now falling once more. BTC price corrected upward during the September 20 decline, and a candle body tested the 61.8% Fibonacci retracement level. According to the adjustment, BTC will drop to level 1.618 of the Fibonacci extension, or $15,503.83. According to price movement, Bitcoin is currently trading at a low of $16,802.

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