|BTC Price: $9,380
Last 7 Days: +14.13% 1month: +15.70 12months: +48.16%
Over the past week, there has been a sharp rally in the price of bitcoin above $7,500 and $8,000 resistance levels, even surging higher above the $9,600 and $10,000 levels before correcting lower into the close. Later, the price corrected below the $9,500 support and the $8,900 pivot zone. However, the decline was stopped by bulls below $9,000 and the price remained well above the 100 hourly simple moving average. A low was formed near $8,890 and bitcoin started a new increase once again breaking the $9,000 and $9,200 resistance levels. Alongside this there was a break above the 50% Fib retracement level of the downward correction from the $10,570 high to $8,890 low, however we can see that the price seems to be facing strong resistance near $9,850 and $9,900 respectively.
At present, the price is steadying and is moving towards the $9,500 support line and if there is a downside break below the trend line, the price could extend its downside correction towards the $9,200 level. Any further losses may perhaps push bitcoin price towards the $8,750 support area. Equally, if the price continues to rally higher, it could climb above the $9,850 and $9,900 resistance. The main hurdle currently is near the $10,000 mark, above this, the price is likely to climb towards $10,500.
October 21st: $15,868,748,866 (BTC Price of $8,196)
October 28th: $37,274,234,952 (BTC Price of $9,399)
134% increase in trading volume in the last 7 days