Bitcoin slips to $68,500 as 21Shares strategist maps out key price tests
Bitcoin traded around $68,500 in its latest session, sliding below the $70,000 to $75,000 range it held in prior sessions.
The cryptocurrency has dipped below its 200-week moving average, which sits near $68,000. Market analysts tied the drop to broader market conditions rather than anything specific to crypto.
Key price levels
Matt Mena, a senior crypto research strategist at 21Shares, outlined a decision tree for Bitcoin's price movement. A sustained drop below $69,000 could potentially trigger a test of support at $65,000.
For a real recovery, he said, Bitcoin would need to reclaim $70,000 first, then $74,000.
Market context
Earlier in November, Bitcoin traded at levels exceeding $75,000 to $80,000 but failed to hold that ground. The slide has shifted attention toward the macro calendar, with participants watching US dollar strength and inflation data.
Long-term outlook
Despite the near-term warning, Mena struck a cautiously optimistic tone on the longer horizon. He suggested Bitcoin's targets could rise to $87,000 and possibly beyond $90,000, citing Bitcoin's historical fourth-quarter performance which has averaged returns of over 61%.
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