- Weekly and monthly report of Bitcoin (BTC)
- Traders are going for longs rather than short
- Some traders believe Bitcoin has bottomed
Bitcoin News Today – Bitcoin has put up a pretty interesting performance over the past couple of weeks and months. The digital currency has experienced a lot of ups and downs and it has broken several support levels.
Bitcoin’s Monthly and Weekly Report
Bitcoin (BTC) recently failed to break over the $8k level after topping out at $7,850. Bitcoin surged towards that level after it broke below major support levels and tested a new six-month low of $6,500. On the spots market, the total plunge in the price of Bitcoin (BTC) in October was 17.48 percent ($1,599) as it closes at $7,550.
Bitcoin (BTC) Price Today – BTC / USD
On a weekly scale, the digital currency appears to be in a bullish zone after five straight weeks of losses. However, the world’s most dominant digital currency is looking to find support from the 50 and 128-period MA at around $7,250 to $7,300.
The CME Bitcoin Futures for last month closed at $7,800, a decrease of about 16 percent from the month of October. At the time of writing, Bitcoin (BTC) is trading at $7,280 after a decrease of about one percent over the past twenty-four hours.
Traders Are Going Long for a Cheaper Bid
The open interest in the digital currency market is heading south as traders are not certain of the direction of the market. The fundamentals still seem bullish at the moment, but Bitcoin’s market seems to be drying up. However, as the digital currency tries to retrace its step to the $7,500 mark, some traders seem to be going long for a cheaper bid. While it is positive for a buy wall support, a digital currency trader just pointed out that it can be an adverse signal. Crypto trader XC said:
“Longs minus shorts quietly approaching a new all-time high on Bitfinex. Back in 2018, this was the ultimate short signal according to CT.”
Has Bitcoin’s Bottom Set In?
The long-term bearish channel is still intact, as the digital currency has broken below the mid-line of the channel. Until nearly the fortnight, the low of the channel would be close to the six-month low of $6,500. Moreover, a break beneath that level could further sound bearish alarms. The 128-day moving average also records a bearish cross with the 200-day moving average.
Josh Rager, another professional trader, tweeted:
“Bitcoin looks like a reversal with this follow through a breakdown. High time frames do not look great. Traders keep trading and HODLers keep HODLing.