After Bitcoin did not sustainably overcome the necessary resistance at $16,600 throughout the final 5 days, the worth noticed a renewed pullback a number of hours in the past.
Per week in the past, on November 21, the BTC worth fell to a brand new bear market low of $15,480, after which the worth noticed a spike, which, nonetheless, got here to an abrupt finish, questioning the power of the bulls.
At press time, BTC was buying and selling at $16.195 and initially discovered help at $16.050. If the closest resistance at $16.310 doesn’t flip again into help, a retest of the present bear market low may very well be on the playing cards.

Bitcoin Backside Nonetheless Not In?
In the meantime, well-known on-chain analyst Willy Woo has advised his 1 million followers {that a} Bitcoin backside may very well be close to. The analyst is utilizing three on-chain knowledge fashions to come back to this conclusion.
As Woo writes, the CVDD ground worth is at the moment being examined. The mannequin examines options to the market worth. Dashed traces imply the mannequin is solely technical, which means it makes use of solely the market worth as an enter. Stable traces embody metrics that come from the blockchain, which means they embody investor, community, and person habits fundamentals.
Finally, the mannequin created by Woo in April 2019 makes use of the age and worth of Bitcoin transferring to new traders to create a ground. Woo’s idea: “When considerably outdated cash (say purchased at $100) go to new traders (say at $16k), the market perceives the next ground.”
At the moment, the mannequin with a confirmed monitor report is displaying a second retest.

The max ache mannequin additionally alerts that the Bitcoin bottom is coming closer. Traditionally, the Bitcoin worth reaches its backside of a macro cycle when 58%-61% of the cash are within the loss zone. Every time the worth has fallen into the inexperienced zone, it marked a ground.
“The higher restrict of the shaded space is at 13k and rising quickly,” Woo stated. Thus, one other worth drop may very well be attainable, though the analyst additionally pressured that not all lows have been reached, with “people who weren’t have been shut.”

Third, Woo appeared on the MVRV ratio. This represents the ratio between the market cap and realized cap. Its goal is to indicate when the exchange-traded worth is under “honest worth” and to determine the highs and lows of the market. Analyzing the MVRV ratio, Woo states:
MVRV ratio is deep inside the worth zone. Below this sign we have been in already bottoming (1) till the newest FTX white swan debacle introduced us again right into a purchase zone (2).

General, Woo sees the chance that the underside may imply somewhat extra ache for Bitcoin traders. He additionally factors out that the market is in an “unprecedented deleveraging state of affairs,” placing all fashions to the check.
Bitcoin Miner Capitulation Inflicting Max Ache?
As Glassnode’s senior on-chain analyst Checkmate famous through Twitter, Bitcoin miners may very well be a motive for extra ache as they’ve run into critical hassle in current months.
The hash worth has fallen to an all-time low. The mining business is rapidly turning into one other downside space out there and thus, the chance of “miner capitulation in spherical 2” can be rising.
