BTC/USD Choppy Trading – Investors Eye a Breakout

Bitcoin is trading bearish against the US dollar on Wednesday, as a fresh selloff in the crypto market pressurizes the pair once again. BTC/USD is presently trading at 7,980, having placed an intraday low of 7,903 during the European session.

This repeated dip below the $8,000 level by BTC/USD is occurring as the traders braces for the expiry of the BTC futures contract on CME on Friday. Ahead of contract expiry, the trading volumes have also declined on a month-on-month basis from $US5.9 billion USD in August to $US4.82 billion in September.

BTC/USD – 240 Min Chart

BTC/USD – Technical Levels

Support Resistance
8009.4 8249.36
7921.66 8401.58
7681.7 8641.54
Key Trading Level: 8161.62

BTC/USD has violated the 8,120 mark, the level which was extending reliable support. Bitcoin has also filled the weekend gap, and now it’s trading at 7,977.

The immediate support prevails at 7,885 levels. The violation of 8,120 opens further room for selling until a strong level of 7,750.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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