RATE Group | Bitcoin (BTC) Price Recovers Above $8.2K But Approach Remains Cautious
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Bitcoin (BTC) Price Recovers Above $8.2K But Approach Remains Cautious

21 Oct Bitcoin (BTC) Price Recovers Above $8.2K But Approach Remains Cautious

Posted at 06:54h in Bitcoin News by

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  • Bitcoin price is currently correcting higher and it broke the key $8,200 resistance against the US Dollar.
  • The price is now consolidating gains below the $8,300 and $8,350 resistance levels.
  • There is a short term breakout or bullish continuation pattern forming with resistance near $8,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could struggle to continue higher and it might correct towards the $8,100 support.

Bitcoin price is rebounding nicely above $8,100 and $8,200 against the US Dollar. However, it is still early to call the current move as a trend change in BTC.

Bitcoin Price Analysis

This past week, we saw mostly bearish moves in bitcoin below the $8,200 support area against the US Dollar. BTC price even settled below $8,000 and the 100 hourly simple moving average. However, the $7,800 area acted as a strong support. As a result, BTC started a decent recovery above the $8,000 resistance area and the 100 hourly SMA. Moreover, there was a break above…

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