- The Bitcoin price is currently down by just over 1%, as sellers look to push the price further down.
- BTC has been quite bearish lately and had started the current week with a drop of almost 6% on Monday.
The Bitcoin price is currently in the red, as sellers look to push BTC below $57,000. BTC has been bearish since the weekend, as the price registered a marginal drop on Sunday. Monday saw the bearish sentiment continue, as the price dropped by almost 6%, slipping below $57,000 and settling at $56,335. The price pushed up on Tuesday, moving back up to $57,678, before falling back during the current session.
Bitcoin Price Chart Indicates BTC Could Drop To $56,500
The Bitcoin price was quite bearish at the start of the previous week, as it dropped by 3.30% on Monday, settling at $63,736. BTC slipped below the 20-day SMA on Tuesday, as it registered a drop of over 5% and settled at $60,275. BTC could only post a marginal recovery on Wednesday before falling back into the red on Thursday, pushing below the 50-day SMA and settling at $56,952. However, BTC managed to reverse the bearish trend on Friday, as the price rose by over 2% and settled at $58,139.
Image: BTC/USD daily
After Friday’s recovery, the Bitcoin price continued to push up on Saturday, rising by over 3% and settling at $59,914. At this level, the 50-day SMA was acting as resistance, and as a result, the price fell back on Sunday, registering a marginal drop. Monday saw BTC register a significant drop, as it fell by almost 6% and settled at $56,335 before pushing up on Tuesday and moving to $57,678. The current session sees BTC back in the red, with sellers pushing the price towards $56,500.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop.
Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC has strong support at around $56,037. At this price level, over 1.3 million addresses have sold more than 875,000 BTC. BTC also faces strong resistance at around $57,547. At this price level, over 1.3 million addresses have sold more than 620,000 BTC.
The 4-hour Bitcoin price chart shows us that BTC had dropped to $55,906 on the 19th after registering a sharp drop. BTC pushed up from this level, as it rose to $59,903, pushing above the 20-bar SMA. With the 20bar SMA now acting as support, BTC was able to maintain this level for the next few sessions before slipping below the 20-bar SMA on the 22nd and settling at $57,346. BTC could only push up to $58,222 from this level, thanks to the 20-bar SMA now acting as resistance. As a result, BTC dropped to $56,063 before rising to its current level of $56,782.
We can see that the MACD is currently bullish, indicating a price rise. However, if the price falls back, we could see it flip to bearish.
Image: BTC/USD 4-hour
Indian FUD Is Here Again: Government To Introduce Crypto Bill
The Indian government plans to introduce a crypto bill in the winter session of Parliament, per an official bulletin. The bulletin listed "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" for introduction, consideration, and passing.
Lok Sabha, the lower house of India's bicameral Parliament, published the bulletin. It confirmed recent reports that said a crypto bill would be presented in the winter session of Parliament, which begins on November 29 and concludes on December 23.
The bill's description in the bulletin says it seeks "to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India." The bill also "seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."
Notably, this is not the first time the Lok Sabha has mentioned this bill in its bulletin. Earlier this year, a Lok Sabha bulletin listed the same bill with the same description. That bill was expected to be introduced in February but was not tabled in Parliament. It is unclear whether these two bills are the same.
In 2019, the bill was drafted by an inter-ministerial committee under the chairmanship of Subhash Chandra Garg. It was named "Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019" and had recommended banning crypto in nearly all forms, including trading and holding. It was not introduced in Parliament.
The news comes a few days after India's Prime Minister Narendra Modi and several other lawmakers met to discuss the crypto space, including its opportunities and challenges.
Bitcoin Price Is Expected To Reach These Levels
Looking at the Bitcoin price chart, we can see that BTC has dropped during the current session. If the current sentiment persists, we could see BTC drop below $56,500.