BTCUSD – Bitcoin Breaks Below 8,000 Bears in Control
Βitcoin – BTCUSD trades 1.98% lower today at $7,996.80 close to monthly lows as bitcoin failed to break above the 200-day moving average the last two weeks. Bitcoin capitalisation now stands at 144.49 billion, while the capitalisation of the 100 bigest cryptocurrencies is above 217.51 billion.
Bitcoin is trading lower but it is sitting off of its daily lows at $7,929, which is where it found notable support that halted the downward intraday move. BTCUSD technical picture is bearish for the short term, as the price trades below all daily moving averages. BTC continues to trade within a tight trading range between roughly $7,800 and $8,300 for the past couple of weeks. Immediate support for bitcoin stands at 7,929 today’s low; A break below that support might drive the price down to 7,730 recent low. Some Technical Analysts will argue that the move down will expand to the height of the triangle and can reach the 5,000 mark as we can see in our chart.
On the upside, BTCUSD strong resistance now stands at 8,179 daily top and then at 9,350 the triangle support line. The critical resistance point is the 200-day moving average at 8,758; BTC price below that level attracts more bears to join the downward move.Download our latest quarterly market outlookfor our longer-term trade ideas.
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