RATE Group | Bitcoin (BTC) In Slow And Steady Decline, $8.2K Likely Target
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Bitcoin (BTC) In Slow And Steady Decline, $8.2K Likely Target

15 Nov Bitcoin (BTC) In Slow And Steady Decline, $8.2K Likely Target

Posted at 07:03h in Bitcoin News by

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  • Bitcoin price is currently declining below the $8,600 support area against the US Dollar.
  • A new monthly low was formed near $8,457 and the price is currently correcting higher.
  • There is a key declining channel forming with resistance near $8,710 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There is a risk of more downsides as long as the price is below $8,700 and $8,880.

Bitcoin price is gaining bearish momentum below $8,700 against the US Dollar. Therefore, BTC could continue to move down towards the next support near $8,300 and $8,200.

Bitcoin Price Analysis

In the past few sessions, there was a steady decline below the $8,800 level in bitcoin against the US Dollar. BTC broke the $8,750 and $8,700 levels to move further into a bearish zone.

Moreover, there was a break below the $8,600 support area and the price settled well below the 100 hourly simple moving average. Finally, the price broke the $8,550 and $8,500 support levels.

A new monthly low was formed near…

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