|BTC Price: $8,015
Last 7 Days: -2.4% 1month: -22.90% 12months: +21.75%
Over the week just gone, BTC has started a short term recovery from the $7,656 low it has seen, trading above the $7,800 and $8,100 resistance levels and more importantly breaking above the $8,200 resistance area. Ultimately, the price tested the $8,490 resistance area and topped out towards the $8,536 level. In recent days we have seen the price of BTC start a new decline and trading close to $8,300. We can now see the price is following a bearish path below the $8,200 level and is trading well below the 100 day simple moving average.
There was a recent break below the 50% Fib retracement level of the upward move from the $7,650 low to $8,533 high. At the moment, the price is holding the $8,000 support level, with a bearish tone in mind. We have noticed that there is a key declining channel forming with resistance near $8,200 on the 4-hours chart of the BTC/USD pair. Bitcoin remains at a risk of more downside pressure from the bears. If it breaks $8,000, the price could decline towards the $7,850 support area. Any further downsides might trigger a further drop towards the $7,400 support area in the near term. Looking upwards, there are many levels in which bears and bulls will need to fight to break such as $8,200 and $8,300. The first major resistance is near the $8,550 level. However, the main resistance is near $8,600.
30th September: $17,115,474,184 (BTC Price of $8,293)
7th October: $15,143,138,993 (BTC Price of $8,052)
11% decrease in trading volume in the last 7 days