RATE Group | Big Move Brewing as $9.5K Becomes Next Key Battleground
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Big Move Brewing as $9.5K Becomes Next Key Battleground

05 Nov Big Move Brewing as $9.5K Becomes Next Key Battleground

Posted at 06:23h in Bitcoin News by

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Bitcoin price (BTC) closed the week at $9,207, down 3.66%. Despite a surprisingly low volatility weekend, the bulls helped keep Bitcoin price above $9,000 for 10 days and at the time of writing the price continues to consolidate.

So far Monday has brought a move higher to retest $9,300, representing a 1% gain. EOS (EOS) and Ether (ETH) have had notable gains on the day with EOS trading over $3.50 and Ethereum at $185. The total crypto market cap is $249 billion, with Bitcoin dominance at 67.2%

Cryptocurrency market daily view. Source: Coin360

Cryptocurrency market daily view. Source: Coin360

BTC USD weekly chart. Source: TradingView

BTC USD weekly chart. Source: TradingView

Bitcoin closed the week below the well-established prior support at $9,550 having previously found support at a previous weekly support level at $7,600 and the 100-week moving average (WMA).

The move to retest and briefly break resistance has now seen consolidation with the MACD line flattening above zero, illustrating the decline in bearish momentum. Volume returned to lower levels last week as the price…

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