Bitcoin (BTC) fell nearly 5% from $ 9,000 on Monday morning, falling to $ 8,593 at the lowest level. As we have seen recently, all the other important cryptocurrencies follow Bitcoin. Meanwhile, Ether (ETH) has performed better against the US dollar, but is still in a downward spiral. If bitcoin is said to be able to reach the level it is currently swinging at about $ 8,000 by the end of this month, it could certainly see signs of a rise in price.
Bitcoin Weekly Chart
Bitcoin hit $ 9,500 resistance level last week and failed to break this long-term resistance level. We can clearly continue below the resistance level, which is the diagonal resistance in this chart. Moving Average Divergence Indicator (MACD) indicates that key exponential moving averages, 26 and 12 EMAs, are still going down. However, as shown in the lower histograms, they are close together.
This means that even though the price is still falling, the downside is weakening. Last week’s trading volume saw some of the lowest volumes of the year, meaning that market-controlled bears on the weekly chart still tend to keep prices down. The moving averages of 50 and 100 continue to cross over the course of three weeks at the key weekly support level of $ 7,600. If bitcoin is susceptible to climbing for the rest of the year, bulls must respond by the end of November.
Bitcoin Book of Orders
The visual display of the order book shows that there is a strong interest in buying above the $ 8,000 level and overall higher than the selling interest. While this may be somewhat misleading because of hidden orders and marketplaces, it does partially imply that bulls’ interest at key levels is above $ 8,000, and bears may be priced above previous peer levels. They are about to lose.
Bulls have to keep the $ 8,000 level
If the bulls are under pressure and the bears can bring the price down, all eyes will be $ 8,000 this week. If bulls can defend this level for the remainder of the month, we may see an answer as moving averages of 50 and 100 converge at the end of November.
In that case, bitcoin is likely to be stronger by the end of the year. Bitcoin typically makes big moves in both directions in December, so we’ll see an interesting period of just over five months until next Bitcoin Halving.