RATE Group | Bitcoin (BTC) Hesitates But Further Gains Seem Likely
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Bitcoin (BTC) Hesitates But Further Gains Seem Likely

20 Dec Bitcoin (BTC) Hesitates But Further Gains Seem Likely

Posted at 07:55h in Bitcoin News by

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  • Bitcoin price is consolidating gains above the key $7,000 support area against the US Dollar.
  • The price could dip towards the $6,960 support before it starts a fresh increase.
  • There is a short term contracting triangle forming with resistance near $7,135 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The bulls need to gain pace above $7,135 and $7,240 to start another increase towards $7,500.

Bitcoin price is trading in a bullish zone above $7,000 and $6,960 against the US Dollar. BTC is hesitant, but it is likely to climb further above $7,300.

Bitcoin Price Analysis

Recently, we saw a sharp rise in bitcoin above the $6,800 and $7,000 resistance levels against the US Dollar. Moreover, BTC price settled above the $7,000 level and the 100 hourly simple moving average.

A new weekly high was formed near the $7,487 level before the price started a downside correction. It traded below the $7,200 support area. Besides, there was a break below the 23.6% Fib retracement level of…

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