Down 14 Percent: Bitcoin Charts Bearish Amid Asia Concerns

Amid negative news flow, Bitcoin is taking a hit today and touching 3.5 week lows at the time of writing.

AccessTimeIconJan 16, 2018 at 11:30 a.m. UTC
Updated Sep 14, 2021 at 1:55 p.m. UTC

Bitcoin is taking a hit today, touching 3.5 week lows at the time of writing.

Data source OnChainFX indicates that bitcoin (BTC) has depreciated by 14 percent in the last 24 hours. At press time, prices were was at $11,966 levels, according to CoinDesk's Bitcoin Price Index.

Notably, the world's largest cryptocurrency by market capitalization is down 40 percent from its all-time high of $20,000 set just a month ago.

The losses in bitcoin are largely in line with those seen across the cryptocurrency space. As of writing, Ripple (XRP), stellar lumens (STR) and cardano (ADA) are down at least 25 percent on the day each. Ethereum's ether (ETH) token has shed 18 percent in value in the last 24 hours.

So what's troubling the cryptocurrency markets?

Firstly, comments on social media indicate there is unease in the investor community over talk of a cryptocurrency trading ban in South Korea and further possible crackdowns on trading and mining in China.

And secondly, BTC futures contracts are trading at a discount to bitcoin's global average calculated by CoinMarketCap. The January expiry futures contract on the CBOE is trading at $11,510 and CME's is changing hands at $11,530. Meanwhile, BTC spot is trading at $11,816. The discount (futures price lower than spot price) indicates that the market participants are bearish on the underlying asset (BTC).

The technical chart analysis indicates scope for a drop to below $10,000 levels if the bulls can't muster a response today.

Bitcoin chart


The above chart (prices as per Coinbase) shows:

  • The rising trendline (blue line) has been breached.
  • A downside break of the triangle pattern, indicating the sell-off from the record high of $19,891.99 (Dec. 17 high) has resumed.
  • The relative strength index (RSI) has turned bearish (below 50.00), indicating scope for further losses.
  • The 50-day moving average (MA) has shed bullish bias (flattened).
  • The 5-day and 10-day MAs carry a strong bearish bias (downward sloping).


  • BTC looks set to close (as per UTC) below $13,000 and extend its decline to $8,350 (support of rising trendline).
  • A minor recovery cannot be ruled out if bitcoin defends $11,004 (61.8 percent Fibonacci retracement of the rally from the November low to the December high) over the next few hours.
  • Significant gains above $14,000 (daily highs) look unlikely, courtesy of the downward sloping 10-day and 5-day MAs.

image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.