Bitcoin Price Weekly Analysis – BTC/USD To Extend Its Slide

Key Points

  • Bitcoin price after collapsing against the US Dollar towards the $920 level recovered, but remains at a risk.
  • There is a short-term bearish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, acting as a resistance near $995.
  • The price is also below the 100 simple moving average (H4) at $998, which is a negative sign.

Bitcoin price collapsed this past week vs the USD due to Chinese exchanges pausing withdrawals. It looks like BTC/USD may decline further.

Bitcoin Price under Pressure

This past week there was a strong downside move initiated in Bitcoin price taking it below the $1000 level against the US Dollar. The main reason was the PBOC’s warning to Chinese Bitcoin exchanges, which resulted in suspension of withdrawals temporarily. The BTC to USD price dived down, and broke the $1050 and $1000 support levels to trade as low as $916.

However, the price later found support and started a recovery. It moved above the 23.6% Fib retracement level of the last decline from the $1114 high to $916 low. However, the upside seems to be limited near $995 and $1000. There is a short-term bearish trend line formed on the 4-hours chart (data

Read more ... source: NewsBTC USA

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