|BTC Price: $8,342
Last 7 Days: -1.58% 1month: -13.02% 12months: +27.54%
In recent days we have seen a relatively small upside correction in BTC above the $8,000 mark. The BTC/USD pair climbed its way above the $8,200 resistance level and finally, the price jumped towards $8,410 through bullish momentum but then to move any further. More importantly there was no proper close above $8,200 and the 100 hourly simple moving average. Because of this the price started a new decline where the bears of the market took the price below the $8,000 support. We even saw BTC break the $7,700 level and trade at a new monthly low of $7,650. The general feel for the market is pointing towards a bearish side for now with an immediate resistance sitting at $7,900 there is a key bearish line forming with resistance by $8,000. If the bulls fail to win their way above the $8,000 resistance level, the price of BTC could continue to come off. An immediate support is near the $7,600 level which is likely to test the bearish target of the week and a kick through this level would see a downside towards a further support of $7,230. Bears seem to be happily in control in this terrain but should be careful since a strong bounce is likely once this wave is complete.
September 23rd: $15,144,925,408 (BTC Price of $9,729)
October 1st: $16,464,551,644 (BTC Price of $8,373)
8% increase in trading volume in the last 7 days