After spending a week in the bullish trend of the currency, last week for Bitcoin was a tough week as it remained bearish and the majority of the week was spent below the $9,600 levels. In the middle of the week, the price saw a dip below the support level of $9,450, but soon it was recovered.
This week in the Asian trading market, Bitcoin made a move towards the $9,800 region, but it slowly came down. Currently, bitcoin is trading at $9,659.17. The market is quiet for a Monday, and the daily volume has declined as well. It is back to $11 billion at the moment, lowest in the past 5 months.
Cryptocurrency trader and analyst Josh Rager pointed out that there were three red weekly closes in a row and this was happening after November 2018. He noticed that the next resistance was present at $10,300 while the support was still present at $9,400.
$BTC Weekly Close
Bitcoin continues to range in between weekly levels
Currently, the first time Bitcoin has closed red three weeks in a row since capitulation in Nov ’18
Bullish w/ close above $10,318
Bearish w/ close below $9,400
Until then, Bitcoin is sideways 🙂 pic.twitter.com/oFWuKDbNVg
— Josh Rager 📈 (@Josh_Rager) 2 September 2019
Another trader, CryptoFibonacci, witnessed a significant market chop on the daily market price. He noticed how the lack of volume indicated how the traders and investors are taking things slowly as they wait for another breakout.
$BTC Daily Chart.
Just chopping people to pieces right now.
Good luck trading this.#BTC pic.twitter.com/2e0W9FEkaM
— CryptoFibonacci (@CryptoFib) 1 September 2019
Rest of the Crypto Markets
Bitcoin is known for its market dominance, and this can be seen in the rest of the crypto market as well. The downfall of Bitcoin was shared by the rest of the cryptocurrencies as well. Ethereum declined to the $170 level, and it has been there from the past week. The rest of the top 10 cryptocurrencies have been following the same trend as well.
