RATE Group | Bitcoin (BTC) Could Rise Again Before Fresh Monthly Low
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Bitcoin (BTC) Could Rise Again Before Fresh Monthly Low

05 Dec Bitcoin (BTC) Could Rise Again Before Fresh Monthly Low

Posted at 07:14h in Bitcoin News by

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  • Bitcoin price is back to where it started and trading below the $7,380 resistance against the US Dollar.
  • The price is currently under pressure, but it is likely to hold the $7,100 support area.
  • There is a short term contracting triangle forming with resistance near $7,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rise again towards the $7,380 and $7,400 resistance levels, where sellers might emerge.

Bitcoin price is back in a bearish zone below $7,400 against the US Dollar. BTC is likely to remain capped below the $7,400 and $7,440 resistance levels.

Bitcoin Price Analysis

Yesterday, bitcoin started a strong rise from the $7,080 support area against the US Dollar. BTC price rallied sharply above the $7,200 and $7,300 resistance levels.

Moreover, it surged above the $7,580 resistance area and the 100 hourly simple moving average. However, it failed to remain above $7,500, resulting in a fresh decrease. The price declined heavily below $7,300 and…

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