Βitcoin takes a hit on the chin today as it gives up 3.33% today at $8,726.41 close to three-week lows after last week the bitcoin failed to break above the 100-day moving average and started a correction to levels below $9,000. BTCUSD price formed a high around 9,935 after the recent rally which started from positive news out of Chinese officials.
Bitcoin capitalisation now stands at 158.84 billion, while the capitalisation of the 100 biggest cryptocurrencies is above 240.34 billion.
Bitcoin Technical Analysis Levels
Bitcoin giving up over $250, close to daily lows at $8,683 as the number one crypto testing the previous week lows. BTCUSD technical picture is bearish now as the price trades below the 200 and 100-day moving average. On the downside, immediate support for bitcoin stands $8,683 the daily low before a test of the 50-day moving average at $8,552; A break below that support level might drive the Bitcoin price down to $7,746 the support from September an October.
On the upside, bitcoin strong resistance now stands at $9,075 daily high and then at $9,218 the 200-day moving average if bitcoin price breaks above that level more bulls will join the upward move and might drive BTC up to the 100-day moving average at 9,517.