RATE Group | Bitcoin (BTC) Price Accelerating Losses Below $8K, $7.5K Very Likely
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Bitcoin (BTC) Price Accelerating Losses Below $8K, $7.5K Very Likely

18 Oct Bitcoin (BTC) Price Accelerating Losses Below $8K, $7.5K Very Likely

Posted at 06:25h in Bitcoin News by

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  • Bitcoin price corrected higher, but it faced hurdles near $8,120 and $8,140 against the US Dollar.
  • The price is declining again and it could gain momentum below the $8,000 support.
  • There is a major bearish trend line forming with resistance near $8,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to remain in a bearish zone unless the bulls push it above $8,120 and $8,240.

Bitcoin price is struggling to rebound above $8,100 against the US Dollar. Therefore, BTC is likely to resume its decline below $8,000 and $7,900 in the near term.

Bitcoin Price Analysis

Yesterday, there was a downside extension in bitcoin below the $8,000 support area against the US Dollar. BTC price traded to a new monthly low at $7,915 and settled below the 100 hourly simple moving average. Recently, there was an upside correction above the $8,000 level. Moreover, the price recovered above the $8,020 level, plus the 23.6% Fib retracement level of the last decline from the…

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