|BTC Price: $7,479
Last 7 Days: +2.18% 1month: -15.39% 12months: +115.55%
Over the past week, Bitcoin has remained well bid above the $7,000 support level and the price has formed a support base above $7,220 and started a decent recovery wave since. We saw the price climb above the $7,400 resistance and the 100 simple moving average (4-hours) and even surpassing the $7,500 and $7,560 resistance levels, where we noted that a high was formed near $7,630 and since, the price is currently correcting lower.
On the downside, an immediate support is near the $7,360 level. Additionally, the 50% Fib retracement level of the upward wave from the $7,084 low to $7,630 high is also near the $7,360 level. The first important support is near the $7,320 level, which was the previous breakout resistance zone and the 100 simple moving average. Therefore, a downside break below the $7,320 support could increase selling pressure on Bitcoin and bring the price further below into $7,220.
$7,220 is the next major support level and if the bulls fail to hold it here further losses could drop the price towards the $7,080 support area, below which there is a risk a drop below $7,000. On the upside, the price is facing a lot of hurdles near the $7,500 level. More importantly, there is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the $7,520 resistance, the price could even rally above the $7,630 high.
2nd December: $17,082,040,706 (BTC Price of $7,321)
9th December: $15,587,693,324 (BTC Price of $7,501)
8% decrease in trading volume in the last 7 days