RATE Group | Bitcoin (BTC) Price Target Additional Weakness, Upsides Remain Capped
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Bitcoin (BTC) Price Target Additional Weakness, Upsides Remain Capped

22 Aug Bitcoin (BTC) Price Target Additional Weakness, Upsides Remain Capped

Posted at 06:09h in Bitcoin News by

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  • Bitcoin price declined heavily in the past few sessions below $10,000 against the US Dollar.
  • The price is currently correcting higher after it tested the $9,750 support area.
  • There is a declining channel forming with resistance near $10,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could correct higher in the short term, but upsides are likely to remain capped near $10,100.

Bitcoin price is back in a bearish zone below $10,250 against the US Dollar. BTC is likely to extend its decline if it fails to recover above $10,250 and $10,400.

Bitcoin Price Analysis

Yesterday, we saw a fresh decrease in BTC below the $10,250 support against the US Dollar. It opened the doors for more losses and the price declined below the $10,100 and $10,000 support levels. Moreover, there was a close below the $10,000 support and the 100 hourly simple moving average. The decline was such that the price broke the $9,800 support and tested the $9,750 level.

A swing low was formed…

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