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

17 Aug Bitcoin (BTC) Price Hesitates But Further Recovery Seem Likely

Posted at 06:08h in Bitcoin News by

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  • Bitcoin price tested the $9,800 support and bounced back against the US Dollar.
  • The price is currently struggling to gain momentum above $10,400 and $10,500.
  • There is a key contracting triangle forming with resistance near $10,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to slowly rise as long as it is trading above the $9,800 support area.

Bitcoin price is showing positive signs above the $9,800 support against the US Dollar. BTC price might gain bullish momentum once it settles above the $9,500 resistance.

Bitcoin Price Analysis

In yesterday’s analysis, we discussed the chances of another pullback in bitcoin price below the $10,000 level against the US Dollar. The BTC/USD pair did move below the $10,000 support and remained well below the 100 hourly simple moving average. Moreover, there was a break below the $9,960 support area, but the $9,800 level acted as a strong support. A swing low was formed near $9,721 and the price started a fresh…

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