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On Oct. 23, the price of Bitcoin, the first cryptocurrency bymmarket cap, fell below the $ 7,500 mark, thereby updating the five-month low.
BTC hasn't seen this price level since mid-May. All other top assets simply followed the decline of BTC. Binance Coin is the top loser based on its eight percent price drop.
After four attempts at testing the $7,800 support, the expected breakdown of this area eventually occurred. The BTC price reached the level of $7,400-$7,500, and the decline continued.
Name: Bitcoin
Ticker: BTC
Market Cap: $134 525 021 938
Price: $7 469,34
Volume (24h): $22 000 911 540
Change (24h): -7,33%
The data is relevant at the press time.
BTC/USD: Has Bitcoin Bottomed Out?
The leading crypto followed our yesterday price prediction Bitcoin is unlikely to trade above $8,000 until the end of October.
On the chart of the BTC / USD pair, two connecting bearish trend lines with a resistance at about $7,450 and $7,660 dollars have been formed.
If a break occurs upward above the resistance of $6,660, the price may recover to the resistance levels of $7,800 and $7,880 (previous support).
On the other hand, the level of $7,380 is immediate support. If a break occurs below the
$7,380 area, the price may return to the support zone of $7,300. Any further losses are likely to open up the possibility of a push from the strong support levels of $7,200 and $7,120.
On the daily chart, Bitcoin is below the trend line and large volume according to VPVR. The RSI has not crossed the oversold area yet which might indicate the decline to $7,200. Moreover, yesterday price drop has switched the MACD to the bearish trend.
Summing up, Bitcoin is unlikely to show a trend change soon. The price might show a revival, followed by a further drop.
Bitcoin is trading at $7,414 at press time.
Vladislav Sopov
Dan Burgin