- Summary:
- Βitcoin trades 1.55% lower today at $9,057.90 close to two-week lows after bitcoin failed to break above the 100-day moving average and retreats back
Βitcoin trades 1.55% lower today at $9,057.90 close to two-week lows after bitcoin failed to break above the 100-day moving average and retreats back to the support at $9,050. 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 164.77 billion, while the capitalisation of the 100 biggest cryptocurrencies is above 246.08 billion.
Bitcoin Support and Resistance
Bitcoin is trading lower today giving up over $200, but away from daily lows at $8,983 as the number one crypto looks like is finding support at the $9,000 zone. BTCUSD technical picture is bearish now for the short term, as the price trades below the 200 and 100-day moving average. On the upside, bitcoin strong resistance now stands at $9,253 daily high and then at $9,572 the 100-day moving average. This is a critical resistance point, that BTCUSD failed several times the last two weeks; if bitcoin price breaks above that level more bulls will join the upward move.
On the downside, immediate support for bitcoin stands $9,050 mark a support line from August before a test of the daily lows at $8,983; A break below that support level might drive the Bitcoin price down to $8,631 the 50-day moving average. Bears might enter a short trade if bitcoin breaks below the 50-day moving average targeting the $8,000 mark.