Are Bitcoin and Other Cryptos Back in a Bear Market After Latest Drop? On Nov. 8, Bitcoin corrected

Are Bitcoin and Other Cryptos Back in a Bear Market After Latest Drop?
On Nov. 8, Bitcoin corrected from $9,200 to $8,650, causing the market sentiment to shift from greed to fear once more.
The correction came after one of the biggest surges in the history of #Bitcoin (BTC), which makes the sentiment shift curious. Let’s take a look at the market overview and analyze the charts.
Bitcoin loses 200-Day Moving Average as a key indicator
The recent correction made Bitcoin price lose the 200-Day Moving Average (MA), which is a key indicator for many traders and investors who rely on it to determine bear/bull market cycles.
Remarkably, the price surged above the 200-Day MA, hovered below the resistance at $9,400-9,600 and retraced back down to the next horizontal support level at $8,600-8,800, which is also the 200-Day Exponential Moving Average (EMA), another narrative and indicator.
At this level, the price is seemingly finding support, at least for the time being.
However, the 200-Day MA was lost by this correction, causing the sentiment to shift from greed to fear. The reasoning for this comes from historical data, which shows that Bitcoin never dropped below this indicator in recent market cycles (example: 2016 to December 2017). Key indicators still taking shape
Of course, as the famous saying goes: Past performance is no guarantee of future results.
The indicators are still forming if this is the beginning of a new bull market cycle. In other words, the price still has to find support on EMAs/MAs, which can then become leading indicators.
Previous examples of comparisons with earlier market cycles didn’t hold up either, which were the 21-Week MA and the maximum correction of 40% that Bitcoin has seen in any bull market (the recent drawdown was 47%). From that perspective, analyzing the macro view is definitely more helpful instead of drawing comparisons to historical movements, especially on shorter timeframes.
As seen in the chart, the price moved towards important horizontal support and one of the few areas that must hold to sustain a #bullmarket.

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