The Bitcoin cryptocurrency has been trading between the range of 8849.73/7809.23 against the US Dollar since the end of September. The 50– and 100– period SMAs was providing resistance for the pair at 8292.55 during the morning hours of Friday's session.
Everything being equal, the BTC/USD pair will likely edge lower within the following trading sessions. Bearish traders could target the lower boundary of a descending channel pattern at 7042.33.
However, the exchange rate will have to surpass the weekly S1 and S2 at 7809.23/7297.47 before reaching the given target.