Bitcoin (BTC) Value Is Gradually Consolidating Higher After Losing 11% of Its Value over the Past Few Days

The value of Bitcoin (BTC) has been in the red for the past couple of days, but the coin started consolidating gains a few hours ago. The value of the digital currency declined sharply beneath the $7,840 support level against the USD. The digital currency went into a short-term bearish territory with support at the $7,450 mark. Over the past twenty-four hours, however, the coin has started retracing its steps.

Bitcoin (BTC) Price Today – BTC / USD

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At the time of writing, Bitcoin (BTC) is trading at $7,672 after an increase of more than 1.5 percent over the past twenty-four hours. The current market cap of the digital currency is $131.64 and its trading volume over the past twenty-four hours is $4.51 billion.

Bitcoin (BTC) Price Analysis

This week, there was an important support at the $7,850 mark for the value of BTC against the USD. Bitcoin was trading over the $8k mark, but it continually failed to break the resistance at the $8,300 mark, and this caused the coin to decline sharply.

The value of the digital currency declined below the $8k mark and settled below the 100-hourly SMA. Also, the highlighted critical bearish trendline of this week played a significant role close to the $8,260 level on the hourly chart.

The coin declined further and even broke the support at the $7,600 mark and traded beneath the $7,500 mark. The digital currency even formed a low at the $7,462 level before it started consolidating higher. There was also a formation of a major connecting bearish trendline with resistance at the $7,650 mark – which the digital currency just broke.

Over this level, there is another major resistance close to the $7,850 mark. It coincides with the 50 percent Fibonacci retracement level of the previous swing from the high of $8,209 to the low of $7,462. If Bitcoin (BTC) breaks over this resistance, it could open doors for more gains towards the $8k level and above.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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