Bitcoin Cost Less Than $8,500, Are Bears in Full Control?

After the historic recovery of 40% of crypto assets at the end of October. The leading cryptocurrency by market capitalization is again bearish, and the price of Bitcoin has now broken below $8,500.

Are Bears fully in charge and, if so, how far can the price of Bitcoin get from here?

The price of Bitcoin falls below $8,500, can The Bulls rescue again?

This morning, the price of Bitcoin fell below $8,500 for the first time in November 2019, suggesting that Bears are back in control.

The Bulls had a brave defense of the low range of $7,000, which resulted in a massive compression and the biggest one-day gain of the registered crypto asset. Following the news that China would support blockchain technology.

But that powerful momentum has faded to a faster momentum, and crypto assets have slowly gone from a maximum of October of $10,500, down from $8,500 in this last fall.
Below current prices, the next levels that can act as support for the price of Bitcoin will be $8,200 and $8,000. If Bitcoin cannot keep $8,000, and Bitcoin breaks at the $7,000 limit. Then there may be a danger that the cryptocurrency falls short of $6,000.

At the end of September and beginning of October, the price of Bitcoin made repeated attempts to break below $7,000, and the purchasing power in that range may have already been exhausted. Which could make room for a deeper drop to occur.

November to Remember: Could Miner Capitulaton Be Behind the Dangerous Drop?

Around this time last year, the price of Bitcoin did not reach the support of $6,000, and finally dropped another 50% to around 3,150. The random decent forced the Bitcoin miners to capitulate, selling whatever assets they could to maintain operations.

With a steady increase in the cost of Bitcoin production, miners can be capitalized again, falling below the current threshold. Approximately one year after the last time it happened.
Bitcoin spent more quickly in 2019, and a narrative of safe-haven assets combined with the movement of the asset to the next high. Unfortunately, keeps the momentum at more than $10,000 and generates significant price levels for FOMO. There was not enough to do.

Changes in the regulatory climate this year may cause more and more cryptocurrency investors to reconsider their investments. A drop in trading volumes in spot exchanges suggests that fewer and fewer people are interested in the emerging asset class.

Only time will tell if the current downtrend is simply an improvement before Bitcoin continues in a bull run. Which most of the cryptocurrency community believes is already underway in early 2019. Or in a bear market will fall deeply, Making a parabolic race in 2019 is nothing. More than a massive Bull trap and a bear market rally.