Bitcoin hits new two-month lows, actually closer to 10-month lows

Today Bitcoin traded to a lower low than yesterday reaching $35,250 before forming a slight recovery. Currently as of 4:20 PM EDT, Bitcoin is trading at $35,880 a decline of 1.8% on the day in the spot markets.

This marks the sixth consecutive weekly decline for the cryptocurrency, and the largest weekly decline since the first week of April. Since the first week of April Bitcoin has shed well over $10,000 in value.

While on an intra-day basis we are only at a two-month low, on a closing basis if we close anywhere at or below current prices, we have only one day of pricing lower than current market print between now and July 25, 2021. That means that we are really closer to a 10-month low than a two-month low as we only have one closing price lower between the current market print and the lows of summer 2021 that reached as low as $29,000.  

We are predicting lower prices ahead, with support levels at $33,000, and below that at $29,000. Resistance is being marked at $37,500, our old level of support, and $40,000 above that.