RATE Group | Bitcoin (BTC) Price Plunges to Support, Will Bulls React?
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Bitcoin (BTC) Price Plunges to Support, Will Bulls React?

22 Nov Bitcoin (BTC) Price Plunges to Support, Will Bulls React?

Posted at 03:24h in Bitcoin News by

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Bitcoin (BTC) Price Forecast:

Bitcoin (BTC) Price Plunges to Support, Will Bulls React?

Bitcoin broke beneath $8,000 on Thursday as the crypto market continues its decline – as I warned it might earlier this week. Now, the coin is within reach of the long-standing technical barrier around $7,100. Last time BTCUSD probed the area, bulls reacted by aggressively bidding price up by $3,000 in just three days. Since then, however, bears seem to have regained control and the larger fundamental themes remain at large – a factor that could see Bitcoin break beneath nearby support if bulls fail to react.

Bitcoin Price Chart: Daily Time Frame (May 2019 – November 2019) (Chart 1)

Bitcoin BTC Price Chart Technical Analysis

With the series of lower highs and lower lows dating back to June, the outlook for Bitcoin is deteriorating fast. If bulls stage another relief rally, initial areas of resistance would reside around the 50-day moving average at $8,500 and secondarily at horizontal support – and the 200-day…

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