|BTC Price: $8,737
Last 7 Days: -5.73% 1month: +4.95% 12months: +37.60%
Over the past week, Bitcoin consolidated in a range above the $9,000 support, however, the bulls failed to protect its ground, resulting in a downside break below the key $9,000 support area. Additionally there was a break below a major contracting triangle with support near $9,180 on the 4-hours chart of the BTC/USD pair. It opened up space for more losses below the $8,910 support and the 100 simple moving average over 4 hours. The decline was strong and Bitcoin settled below the $8,790 level as a result of this. Currently, the price is consolidating below the $9,000 and $8,900 levels. An immediate support is placed near the levels of $8,660 and $8,560, which bulls are expected to hold if we see it to here. If there are more bear beat ups on the downside, the price on BTC could slide towards the $8,315 and the $8,300 support levels. The mentioned $8,300 area acted as a resistance in previous times and now it is likely to provide strong support. Any further losses may push the price towards the $8,075 support. This notably represents the 76.4% Fib retracement level of the upward move from the $7,317 low to $10,578 high. On the upside, the recent support area near the $9,000 level could act as a resistance for the bulls eager to get it back towards $10,000. Besides, the 100 simple moving average over 4-hours is a major hurdle near the $9,100 level. Therefore, a successful close above $9,100 is needed for more of a convincing realistic move up in the near term.
November 4th: $26,170,255,634 (BTC Price of $9,412)
November 11th: $21,340,629,669 (BTC Price of $8,800)
18% decrease in trading volume in the last 7 days