|BTC Price: $8,616.37
Last 7 Days: -3.23% 1month: +6.47% 12months: +62.50%
In the past week, we watched as Bitcoin took onboard an increase in selling pressure below the $8,880 support area. In addition to this, the price of BTC settled below the $8,700 pivot level and the 100 simple moving average (4-hours). The price even broke the $8,600 and $8,500 support levels. A new monthly low was formed near $8,380 and the price is clearly trading in a bearish zone from this confirmation.
Moving to today the price of BTC is currently recovering from losses above the $8,400 level. On the upside, there are many resistances near $8,562 and $8,600. There is also a bearish declining channel forming with resistance near $8,580 on the 4-hours chart of the BTC/USD pair. If there is an upside break and bull run above the channel resistance, the price could test the $8,620 and $8,630 resistance levels in the near time, increasing gains further. However there is a crucial bearish trend line forming with resistance near $8,630 on the same chart.
To move into a positive zone, bulls will need to take the price above and beyond the $8,700 and $8,720 levels. With a proper close above the $8,880 resistance we will have confirmation that a trend change has occured. On the downside, there are many key support levels for the bulls to sit at, these are placed near the $8,320 and $8,200 levels. The bears are likely to face a strong buying interest near $8,200, below which there is a risk of a break down towards the $8,000 mark.
November 11th: $20,265,510,765 (BTC Price of $8,757)
November 18th: $17,991,482,374 (BTC Price of $8,651)
11% decrease in trading volume in the last 7 days