RATE Group | Bitcoin (BTC) Price Showing Signs of Additional Weakness
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Bitcoin (BTC) Price Showing Signs of Additional Weakness

16 Oct Bitcoin (BTC) Price Showing Signs of Additional Weakness

Posted at 07:28h in Bitcoin News by

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  • Bitcoin price failed to rebound above $8,300 and extended its decline against the US Dollar.
  • The price is trading below the $8,200 level and recently it declined towards the $8,050 level.
  • There is a key declining channel forming with resistance near $8,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains at a risk of more losses as long as it is trading below $8,400 and $8,500.

Bitcoin price is showing signs of additional weakness below $8,200 against the US Dollar. BTC could accelerate decline if it continues to struggle near $8,400.

Bitcoin Price Analysis

Yesterday, we discussed the chances of a possible rebound in bitcoin if it breaks the $8,400 resistance against the US Dollar. However, BTC price struggled to climb above the $8,400 resistance area. As a result, there was a fresh decline below the $8,300 level. Moreover, there was a break below the key $8,200 support area and the 100 hourly simple moving average.

Finally, the price traded below the…

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