TechFlow news, November 17 — According to QCP Capital analysis, BTC's downward trend deepened last week, falling 27% from its all-time high and nearly erasing all gains made this year. BTC broke below the 50-week moving average and closed the week under $100,000 for the first time since May 4, contributing to a more cautious sentiment in the digital asset market.
From a technical perspective, BTC is currently hovering above the critical support level of $92,000, which previously served as strong support during the fourth quarter of last year and the first quarter of this year. The $92,000 zone also coincides with an unfilled CME gap, potentially triggering a short-term technical rebound if tested. However, dense supply levels above may limit the strength of any rebound.
