|BTC Price: $6,854.84
Last 7 Days: -16.48% 1month: -25.13% 12months: +80.09%
Last week wasn’t the best of times for the overall crypto market, especially not Bitcoin. We saw the top cryptocurrency take a nasty turn and started a decline well below the $8,000. Once this level broke, the bearish momentum gained pace and moved the price further below the $7,800 support and the 100 simple moving average (4-hours). This created a wave of investors being stopped out and taken out on the way down, and even after this drop we saw the price of BTC sharply drop further below the $7,500 support with bears testing the $7,000 support area (the first bearish target as per the medium term outlook). Towards the end of the week the price spiked down below $6,900 and a new multi-month low was formed near the $6,779 level.
Currently, the BTC price is trading slightly lower at $6,709 with any upward correction bringing resistance near the $7,400 level. Alongside this, there is another breakdown pattern forming with support near $7,240 on the 4-hours chart of BTC. If there is a further bear run and break below $7,225 and $7,200, there are chances of more downside losses in the near term. It looks like the fight will be taken below $7,000 and the support will be broken heading closer towards $6,800. The main target for the bears seem to be the $6,500 support area. On the upside, the price must break the triangle resistance and $7,400. Besides, the 50% Fib retracement level of the last decline from the $8,213 high to $6,776 low is near the $7,500 level. The key resistance is near the $7,550 level and a connecting bearish trend line on the same chart. A clear break above the $7,500 and $7,550 resistance levels could set the pace for more gains and an increase in price before the year is over.
18th November: $21,579,470,673 (BTC Price of $8,573)
25th November: $45,820,617,107 (BTC Price of $6,982)
112% increase in trading volume in the last 7 days