RATE Group | Bitcoin (BTC) Price Near Inflection Point: Bears Remain In Control
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Bitcoin (BTC) Price Near Inflection Point: Bears Remain In Control

23 Aug Bitcoin (BTC) Price Near Inflection Point: Bears Remain In Control

Posted at 06:32h in Bitcoin News by

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  • Bitcoin price is currently correcting higher above the $10,000 resistance against the US Dollar.
  • The price is facing many key resistances near the $10,250, $10,300 and $10,400 levels.
  • There is also a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to face a strong selling interest near the $10,300 and $10,400 levels.

Bitcoin price is slowly correcting towards $10,300 against the US Dollar. However, BTC will most likely fail to continue above $10,300 or 10,400 in the near term.

Bitcoin Price Analysis

Recently, there was a sharp decline in BTC below the $10,000 support against the US Dollar. The price even traded below $9,800 and settled well below the 100 hourly simple moving average. Finally, the previous support area near $9,750 acted as a support and prevented additional weakness. As a result, there was an upside correction initiated above the $10,000 resistance area.

Moreover, there…

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