RATE Group | Bitcoin Price Bounces Back to $8.4K but Bearish Bias Remains
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Bitcoin Price Bounces Back to $8.4K but Bearish Bias Remains

30 Sep Bitcoin Price Bounces Back to $8.4K but Bearish Bias Remains

Posted at 20:26h in Bitcoin News by

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Bitcoin (BTC) price has had a volatile start to the week. Asia kicked off the trading week with a 4% selloff that brought Bitcoin price from $8,050 to $7,700. The ball was then passed to the Europeans who started a rally which continued through to the New York trading session. By the end of the day, Bitcoin had rallied 8% from the bottom to highs of $8,325, which was near a 3.5% gain for the day. 

Altcoins have also been moving higher on the same basis, with Ethereum and XRP being notable gainers of 6% and 9% respectively. 

The crypto market has largely been following the risk-on price action today, with traditional markets moving higher and commodities moving lower. We will take a closer look at the key timeframes to try and examine if Bitcoin is nearing a bottom.  

Daily Crypto Market Performance

Daily Crypto Market Performance. Source. Coin360.com

Weekly Bitcoin price chart

BTC/USD Weekly Chart

BTC/USD Weekly Chart. Source: TradingView.com

Bitcoin closed the week decisively bearish, breaking and closing below the 20-week moving…

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