Bitcoin Price Faces Drop to $8.5K After Consecutive Weekly Losses

[MUGNIA]

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

more : https://www.coindesk.com/bitcoin-price-faces-drop-to-8k-after-consecutive-weekly-losses