RATE Group | Bitcoin Breaks Beneath Rising Trend Line
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Bitcoin Breaks Beneath Rising Trend Line

01 Mar Bitcoin Breaks Beneath Rising Trend Line

Posted at 10:49h in Bitcoin News by

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  • Bitcoin saw a 9.5% price decline this week as the cryptocurrency slipped below $9,000 to reach as low as $8,500.
  • It recently broke beneath a 2-month-old rising trend line as the market outlook starts to look ever more bearish.

Bitcoin dropped by 9.5% this week as the sellers start to take control over the market momentum. It dropped beneath $9,000 a few days ago to reach the current support level at around $8,672.

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Crypto Rocket


The cryptocurrency has spiked even further lower but has managed to rebound back above $8,600 to close each day. It also recently broke beneath a rising trend line as the outlook starts to turn bearish.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

cg-btcusd-feb29
BTC/USD – Source: TradingView

Market Overview

Looking at the daily chart above, we can clearly see Bitcoin breaking beneath the rising trend line over the past 24-hours of trading. It is currently trading at support at $8,672 which is provided by the .5 Fibonacci Retracement…

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