Bitcoin has always been the focus of attention in the turbulent cryptocurrency market. However, recent trends have caused investors to worry, especially when the price of Bitcoin failed to break the low of $7,000, and the market seemed to falter and stumble. This phenomenon has caused people to speculate and discuss the future trend of Bitcoin. Let's explore this issue in depth.

As the leader of the cryptocurrency market, Bitcoin's price fluctuations have always attracted much attention. When the price of Bitcoin failed to break the low of $7,000, the uncertainty in the market also increased. This situation has caused concerns among investors, and they began to re-evaluate their investment strategies and try to predict the future direction of the market. In this context, we might as well analyze the future development of Bitcoin from multiple angles.

First, we can look at the phenomenon that the price of Bitcoin failed to break the low of $7,000 from the perspective of technical analysis. Technical analysis is a method of predicting price trends by studying historical market data. When the price trend of Bitcoin fails to break the low, technical analysts may focus on the support and resistance levels of price trends, as well as the changes in various technical indicators. By analyzing this data, they can better judge the short-term trend of the market.

Secondly, fundamental analysis is also an important way to understand the future trend of Bitcoin. Fundamental analysis refers to a method of predicting price trends by studying factors such as market supply and demand, macroeconomic data, etc. When the price of Bitcoin failed to break through the low of $7,000, fundamental analysts may focus on factors such as the actual use of Bitcoin and market acceptance. These factors will directly affect the future price trend of Bitcoin.

In addition, public opinion analysis is also one of the important ways to understand the Bitcoin market. Public opinion analysis refers to understanding the emotions and expectations of market participants by studying information such as media reports and social media comments. When the price of Bitcoin failed to break through the low of $7,000, public opinion analysis can help investors understand the hot issues and focus of the market, so as to better grasp the pulse of the market.

In general, Bitcoin failed to break through the low of $7,000, and the market stumbled forward, which triggered speculation and discussion about the future trend of Bitcoin. In this case, we can understand the dynamics of the market through a variety of methods such as technical analysis, fundamental analysis and public opinion analysis, so as to better grasp investment opportunities. I hope that the analysis in this article can provide some inspiration for readers to help them better understand the Bitcoin market and make wise investment decisions.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Over the past week, Bitcoin has found itself in a plateau, establishing a narrow range in the low $7,000s as trading volume tapers off. This consolidation forced the Bollinger Bands, a technical analysis tool often used by traders that seeks more information on trading ranges and volatility, to reach a “squeeze” level for Bitcoin, meaning volatility is on the horizon.

While this consolidation can be said to be neutral, neither bullish nor bearish, a growing number of analysts have begun to suspect that the upcoming volatility will come in the form of a move below $7,000, a suspicion that is corroborated by the fact that BTC has yet to break through a critical resistance level in the $7,800 to $8,000 region.

Bitcoin Bears Ready to Push Prices Lower

On Nov. 14, popular cryptocurrency trader “Salsa” said that Bitcoin’s one-day chart “doesn’t look pretty,” calling attention to the fact that BTC has turned $7,300 support into resistance, a support-resistance shift that means the bears are still very much in control.

Another analyst echoed this sentiment, recently posting the chart below on Twitter to illustrate the inability of bulls to gain an advantage over bears. On-balance volume, an indicator designed to correlate price with volume, has formed a bearish pennant on the six-hour BTC chart, meaning bearish price action is forming, while the accumulation/distribution indicator heavily suggests that distribution is occurring.

Salsa currently expects Bitcoin price to fall back to the $6,200 to $6,400 area, which he claims could provide strong support for the crypto market. If this support is lost, though, he fully expects prices to drop below $5,000.

While the technicals appear to be tilted in favor of the bears, it’s not all doom and gloom for bulls.

Ergo, an expert on chain analysis followed by some key crypto investors, published an extensive Twitter thread on Friday, revealing that PlusToken, an Asia-centric Ponzi scheme that managed to acquire over $2 billion worth of Bitcoin and Ethereum in a single year-
it has stopped liquidating its Bitcoin stash after months of selling.

According to his analysis, outflows from PlusToken-related wallets to exchanges have fallen well below 300 BTC per day, which is down more than 70% from the 1,100 coins Ergo believes were being sold daily just a few months ago.

With hundreds fewer coins now being sold on the open market, equating to millions of dollars less in sell-side liquidity, Bitcoin could start to see some of the downward pressure ease, a good sign for those in crypto for the long haul.

As CryptoSlate previously reported, PlusToken was cited as a major driver of Bitcoin’s drop from $14,000 to $7,000, with some even saying the scam-sold coins broke the bullish crypto market cycle that long-term traders had seen in the past.