This week we have seen a rollercoaster ride in the price of the Bitcoin. Bitcoin started the week at $11,792, which was an increase in the trading price as compared to $10,949 last week.
Since then, Bitcoin price has been trading in a range between $11,300 to $11,900, with the support level of $11,300, bitcoin has been struggling to break the trend and go above the resistance level. On 8th August, it ended the day at $11,992, which showcased a bullish trend. However, that didn’t last long as the very next day, Bitcoin price came down to $11,877 and then further down.
Recently the Bitcoin prices have seen a downward correction of almost 8-9%, which lead to the BTC-USD pair tumbling down the charts and finally stabilized at $11,250. The RSI has gone down to 39.42 from 60.54 earlier. The resistance level has been set to $11,440. A drop of 2.2% has been seen in the Bitcoin price today, making it the lowest for this week. The EMA of the past 20 days has been broken today as Bitcoin hits the lowest price for the week.
If the current trend continues to go bearish, then it can lead to a downward correction of $10,500 below which Bitcoin price might test $9500 support level at the end of the week.