RATE Group | Bitcoin (BTC) Breakdown Below $7K Looms, Can Bulls Bounce Back?
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Bitcoin (BTC) Breakdown Below $7K Looms, Can Bulls Bounce Back?

16 Dec Bitcoin (BTC) Breakdown Below $7K Looms, Can Bulls Bounce Back?

Posted at 06:59h in Bitcoin News by

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  • Bitcoin price is trading in a bearish zone below the $7,200 resistance against the US Dollar.
  • The price is currently struggling to stay above the $7,000 support area.
  • There is a connecting bearish trend line forming with resistance near $7,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to face a lot of hurdles near $7,120, $7,160 and $7,200.

Bitcoin price is struggling to recover above $7,200 against the US Dollar. Therefore, BTC remains at a risk of a larger breakdown below the $7,000 support.

Bitcoin Price Analysis

Recently, bitcoin extended its decline below the $7,080 support area against the US Dollar. Moreover, BTC price settled below $7,200 and the 100 hourly simple moving average.

Finally, it tested the $7,000 support and formed a new monthly low at $7,008. It is currently consolidating losses above the $7,000 and $7,020 levels. The recent low is $7,032 and an initial resistance is near the $7,080 level.

Besides, the 23.6% Fib retracement…

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