RATE Group | Bitcoin (BTC) Price Nears Possible Short Term Bottom At $6.5K
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Bitcoin (BTC) Price Nears Possible Short Term Bottom At $6.5K

25 Nov Bitcoin (BTC) Price Nears Possible Short Term Bottom At $6.5K

Posted at 06:54h in Bitcoin News by

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  • Bitcoin price is declining and approaching the next bearish target of $6,500 against the US Dollar.
  • The price is down close to 10% and it seems like the bears are targeting $6,500 or $6,400.
  • There is a new connecting bearish trend line forming with resistance near $7,010 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The bulls are likely to take a stand near the main $6,500 support (the medium term outlook bearish target).

Bitcoin price is approaching the key $6,500 support area against the US Dollar. There are high chances of BTC finding bids near $6,500 and starting an upside correction.

Bitcoin Price Analysis

This past week, we discussed the chances of more downsides below $7,500 in bitcoin price against the US Dollar. BTC did decline and broke the first key bearish target near the $7,000 level.

Moreover, the price broke the $6,800 support zone and settled well below the 100 hourly simple moving average. It opened the doors for more losses below $6,700 and the price…

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