Bitcoin (BTC/USD) gained marginal ground early in today’s Asian session as the pair was lifted to the 8696.02 area during yesterday’s North American session after trading as low as the 8428.80 level during yesterday’s European session. The pair traded as high as the 8972.92 level during Thursday’s European session before depreciating to multi-week lows. The market bias among traders has continued to weaken as price activity has drifted further away from its recent relative high around the 10522.51 area, crashing through several areas of technical support during the acute pullback. During the downturn, selling pressure capped rallies higher around the 10400.00, 10315.00, 10030.00, 9681.56, and 9280.00 levels.
Various appreciating ranges over the past couple of months culminated with buying activity around recent relative lows including 6430.00, 6854.67, 7671.00, and 8216.71 with the 10522.51 area serving as a recent relative high. Stops have been elected below several downside retracement areas including the 9878.34, 9849.55, 9656.80, 9641.69, 9556.68, 9433.23, 9369.61, 9121.40, and 9097.53 levels. Additional Stops were triggered below downside price objectives this week including the 9561.24, 9363.29, and 9118.37 areas, levels related to selling pressure that emerged around the 10400.00 area and intensified around the 10004.10 area. Additional Stops were elected below the 8959.17, 8760.88, 8722.47, and 8476.26 levels. Another downside price objective is the 8343.96 area.
