RATE Group | Bitcoin (BTC) Price Approaching Key Support, Bears Back In Action
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Bitcoin (BTC) Price Approaching Key Support, Bears Back In Action

23 Oct Bitcoin (BTC) Price Approaching Key Support, Bears Back In Action

Posted at 08:04h in Bitcoin News by

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  • Bitcoin price is declining after it failed to climb above the key $8,300 resistance against the US Dollar.
  • The price is under pressure and it is now trading below the $8,000 support area.
  • There was a break below a connecting bullish trend line with support near $8,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is approaching a major support area near $7,800, below which there could be a sharp decline.

Bitcoin price is facing a fresh increase in selling pressure below $8,200 against the US Dollar. BTC price could accelerate losses if it fails to stay above $7,800.

Bitcoin Price Analysis

Recently, bitcoin made a few attempts to gain strength above the $8,300 resistance area against the US Dollar. BTC price even spiked above the $8,350 level, but it failed to continue higher.

As a result, a swing high was formed near $8,323 and the price started a fresh decline. During the decline, there was a break below a couple of important supports near $8,100 and $8,200….

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