|BTC Price: $7,283
Last 7 Days: +1.36% 1month: -21.82% 12months: +85.58%
Over past week, Bitcoin started a decent recovery move on the upside from $6,525 with the BTC price gaining pace above the $7,000 resistance area and even seeing a break above the key $7,400 resistance area.
Finally, the price rallied significantly above the $7,600 level, but struggled to test the $8,000 resistance level. It seems like the price formed a short term top near the $7,885 area and the 100 simple moving average (4-hours). We also noticed that there is a crucial bearish trend line forming with resistance near $7,680 on the 4-hours chart of the BTC/USD pair. Bitcoins price is currently correcting lower below the $7,500 level. On the downside, an immediate support is near the $7,200, If there are more downsides, the price could test the main $7,000 support area in the near term. Therefore, a daily close below the main $7,000 support could start a fresh bearish trend and set the market up for a bear mood for the coming month. Looking at the recent movements, the price is likely to break the $6,500 support in the near term. On the upside, the price is facing a lot of hurdles near the $7,710 and $7,800 levels. However, the price must settle above the $8,000 resistance area to ensure that the bulls have re-gained control and are taking the price further upwards. A close above the the trend line, and the 100 simple moving average (4-hours) will also signify a new trend is coming.
25th November: $42,685,231,262 (BTC Price of $7,146)
2nd December: $17,729,976,480 (BTC Price of $7,299)
58% decrease in trading volume in the last 7 days