Bitcoin price hits multi-year low at $15.6K, analysts expect further downside

cointelegraph.com:

Investor sentiment in the crypto market is floundering after Binance decided to nix its agreement with FTX to purchase the distressed cryptocurrency exchange. The events have sent Bitcoin to a new yearly low, while other altcoins have also taken a sharp downturn. 

Data from Cointelegraph shows Bitcoin (BTC) declining to $15,698 amid the chaos caused by FTX’s potential insolvency and the failure of the Binance deal. Analysts are turning to technical charts to try and find the next price path.

Independent market analyst, CanteringClark said that BTC price could possibly find a short-term bounce at $15,000. Citing an assortment of indicators, the analysts suggested that Bitcoin could eventually settle around the $12,000 level.

This is as clean of a continuation break as you are going to get, and this time we have a catalyst to really send it.15k might provide brief support, but the next major area for price to settle seems to be around the 12k handle.Cheap Bitcoin coming. pic.twitter.com/aDDMJIMRDh

Analyst Caleb Franzen explained that the estimated moving average (EMA) is an indicator utilized to gauge price over a certain period of time. According to Franzen, if Bitcoin price continues to fall, it would be the first time in its history that the 52 week and 104 week EMA's crossed below the 156 week EMA.

#Bitcoin analysis using annual EMA's on weekly candles:52-week EMA = 1 year104-week EMA = 2 years156-week EMA = 3 yearsWe've never seen the 52 or 104 EMA's cross below 156 EMA, but we're getting very close this cycle.Is a new first coming for $BTC? pic.twitter.com/knUwdAnqvb

Read more: Bitcoin sinks to new yearly low at $16.8K as FTX insolvency fears turn into contagion

Dave the wave, an independent market analyst, highlights the