Bitcoin is flashing multiple technical signals of a **downtrend** after breaking below key support near $115K, falling out of its uptrend channel, and dropping under the 50-day moving average.
The crypto market capitalization dropped below $3.9 trillion on Monday morning, down 4% from the previous day. Among top altcoins, Bitcoin is losing less ground than others, with SushiSwap (-13%) and Dogecoin (-11%) leading the losers. This contrasts with gold hitting new highs and silver surging, signaling investor flight to safe-haven assets after low volatility.
Bears finally pushed Bitcoin below the $115K support they targeted since September 13. BTCUSD exited its uptrend channel from early September, breached horizontal support, and sharply declined below the 50-day moving average. This bearish signal combination points to further downside unless market sentiment shifts fundamentally.
By the European trading open, Ethereum fell to $4000 from a $4500 start, breaching its 50-day moving average for the first time since early July—a concerning signal, as ETH closely follows this indicator.
News Background
SoSoValue data shows weekly net inflows into spot BTC-ETFs slowed to $886.7 million, still robust. Cumulative inflows since January 2024 approval reached $57.72 billion.
Spot Ethereum-ETF inflows in the US dropped to $556.9 million, bringing totals since July 2024 to $13.92 billion.
Glassnode reports the share of Bitcoin held by hodlers over seven years hit a record 14.3 million BTC, up 3% year-to-date, signaling rising long-term confidence.
MEXC survey shows investors using crypto as inflation hedge rose from 29% to 46% in Q2, driven by macroeconomic instability, weakening currencies, and inflation pressures worldwide.
Ethereum developers announced the Fusaka hardfork for mainnet on December 3, following tests on Holesky, Sepolia, and Hoodi networks. Key upgrade: PeerDAS protocol, potentially doubling network throughput.
FAQ
What key supports did Bitcoin break?
$115K level since September 13, uptrend channel from early September, and 50-day moving average.
Why are altcoins dropping more than Bitcoin?
SushiSwap fell 13% and Dogecoin 11%, contrasting Bitcoin’s milder losses amid investor shift to safe-havens like gold.
What supports Bitcoin’s long-term outlook despite downtrend signals?
Record 14.3M BTC held by 7+ year hodlers, strong ETF inflows totaling $57.72B since 2024, and rising inflation-hedge adoption to 46%.
