Bitcoin fell to a new five-week trading low this week, as bullish trading volumes in the cryptocurrency market suffered heavy declines. Are further declines possible? Gain insight on the 16 March BTCUSD Technical Analysis.
16 March, OctaFX – The BTCUSD pair fell below the former weekly trading low, finding technical support at the $7,557 level after being swiftly rejected from $9,827 level in early week trading.
Bullish trading volumes suffered a fifty percent decline at one stage, with selling volumes far outweighing buying volumes, pointing to a possible bear market in Bitcoin.
The broader cryptocurrency also suffered heavy declines this week, with official statistics showing the collective market capitalization of all cryptocurrencies falling to its lowest point since February 6th.
16 March BTCUSD Technical Analysis
The BTCUSD pair remains bearish whilst trading below the $9,827 level, further declines towards $7,100 and $5,800 remain possible
Should the BTCUSD pair move above the $9,827 level, the $10,800 and $11,550 resistance levels come back into focus.
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