Bitcoin price hits multi-year low of $15,600, analysts expect further decline

BTC and altcoins tumble on news that Binance refused to buy FTX. Analysts share their views on the future of the market.

Market Update

Investor sentiment in the crypto market plummets after Binance decided to end its deal with FTX to buy the struggling cryptocurrency exchange. The events sent Bitcoin to a new yearly low, while other altcoins also saw steep declines.

Data from Cointelegraph shows Bitcoin (BTC) dropping to $15,698 amid chaos caused by FTX's potential insolvency and Binance deal failure. Analysts look to technical charts to try to find the next price trajectory.

Analyst expects further decline with brief support at $12,000

Independent market analyst, CanteringClark, said BTC price could possibly find a near-term bounce to $15,000. Citing an assortment of indicators, analysts have suggested that Bitcoin could eventually settle around the $12,000 level.

It's as clean a continuation break as you're going to get, and this time we've got a catalyst to really send it.< /p >

15,000 may provide brief support, but the next major price area to settle appears to be around the 12,000 handle.

Cheap bitcoin coming soon. pic.twitter.com/aDDMJIMRDh

— Clark (@CanteringClark) November 9, 2022 Will the price of Bitcoin fall below the major multi-year moving averages?

Analyst Caleb Franzen explained that the Estimated Moving Average (EMA) is an indicator used to gauge price over a certain period of time. According to Franzen, if the price of Bitcoin continues to decline, it would be the first time in its history that the 52-week and 104-week EMAs cross below the 156-week EMA.