|BTC Price: $9,571
Last 7 Days: -5.79% 1month: -16.02% 12months: 24.76%Over the last week there was a number of bearish indicators that moved the price below the $10,400 pivot level and in an attempt for an upside correction back above $10,000 we saw $10,200 act as a strong level of resistance. Moreover there were two attempts this past week to clear this boundary but bulls failed to gain required momentum. As a result, there was a break below $10,000 and the price settled well below the 100 simple moving average. In more recent days we have seen BTC/USD trade blow the $9,500 support and forming a new swing low near $9,270, with an immediate resistance by $9,700 we can see a crucial bear trend line starting to take shape with a higher resistance of $10,290. This trend line coincides with the 100 SMA and the 50% Fib retracement level of the recent 11k to 9k drop, meaning it will not be easy for bulls to fight their way up the hill this time as resistance is placed by $10,300. However a push through this could see a target of $11,000 and above. On the downside we can see $9,150 as a support level and with a fall through here we expect $8,550 likely to be the next key level.
22ndJuly: $16,334,414,913 (BTC Price of $10,343)
29thJuly: $14,800,761,599 (BTC Price of $9,504)
9% decrease in trading volume in the last 7 days