|BTC Price: $8,311
Last 7 Days: +0.61% 1month: -19.49% 12months: +30.43%
Over the past week we have seen Bitcoin gain strong bullish momentum above $8,290 and $8,340 resistances. The BTC/USD pair climbed more than 5% and broke the $8,500 and $8,700 resistance levels, along with a close above $8,500 and the 100 simple moving average (4-hours). A new monthly high was also formed near the $8,920 level and later the price started to take a bearish dive into a sharp downward move. Subsequently, the price broke $8,790 and $8,489 support levels and more importantly, there was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC/USD pair. The pair even traded below the $8,350 support area.
For now we can see the price is consolidating losses above the $8,300 support area and it seems like there is a strong support forming near the $8,300 level and the 100 simple moving average (4-hours). If there is a downside break below the $8,300 support area, Bitcoin price could move back into a bearish zone. The next key support area is by $8,250, below which it could move towards the $8,000 level. On the upside, there is a major hurdle forming near the $8,500 and $8,550 levels. A strong close above the $8,570 resistance area could set the tone for more upsides in the coming trading days. We have been in a trading channel over the past couple of weeks and we would not be surprised if we soon see a break out of this trend and into a new direction. Which way? We will see over the coming sessions.
7th October: $18,009,742,607 (BTC Price of $8,245)
14th October: $14,585,603,383 (BTC Price of $8,351)
19% decrease in trading volume in the last 7 days