The Bitcoin Cash's hard fork on November 15 is believed to be the major catalyst for the sharp decline in Bitcoin prices. Where is the price now headed? Gain insight into today's technical forecast.
November 16, OctaFX – Bitcoin fell to a fresh 2018 trading low this week as the world’s number one cryptocurrency crashed below the crucial $5,700 support level.
Bitcoin Cash's hard fork weighs on BTC
The fall in the BTCUSD pair was driven over market uncertainty surrounding Bitcoin cash, as cryptocurrency traders and investors prepared for Bitcoin Cash to be split into two separate cryptocurrencies.
Bitcoin had spent weeks consolidating in a narrow trading range, ahead of the much-anticipated decision from the US Securities and Exchange Commission’s decision over a potential Bitcoin Exchange Traded Fund.
Bitcoin Price Technical Forecast
- The BTCUSD pair is strongly bearish while trading below the $5,700 level, key support is found at the $5,000 and $4,715 levels.
- If the BTCUSD pair trades above the $5,700 level, key resistance is found at the $5,800 and $6,050 levels.
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