Bitcoin (BTC) hovers between $8,700 and $8,800, for now avoiding a scenario of moving averages leading to a “death cross”. But this development is close, with expectations of new lows in the short term.
BTC traded at $8,765.39, after sinking to around $8,749. BTC struck a recent low at $8,685, recovering afterward. But trading volumes are steadily deflating, turning down a notch to $18 million. At current levels, BTC trading activity is quite far from rally levels.
At the current price range, BTC is moving within a very slim band of prices that may either cause a further decline, or another rally. For now, BTC has not attempted to regain the $9,000 level, but gains may also happen very fast.