Technical analysis

Bitcoin drops to $8,000 but remains long-term bullish

Julien Moretto – 20 Nov 2019

Bearish week for the cryptocurrency market. Bitcoin lost 8.4% over the last seven days, falling back to the €7,250 ($8,000) level on November 20. This decline in Bitcoin has also stopped most of the increases observed last week on altcoins. However, since the beginning of 2019, Bitcoin’s return on investment has remained above 100%. The long-term bullish sentiment remains intact. An analysis of the weekly price action suggests that we are back on levels that are favourable for long-term buying. Here’s what to remember from the market this week.

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