RATE Group | Bitcoin (BTC) Price Trading Near Make-or-Break Levels
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Bitcoin (BTC) Price Trading Near Make-or-Break Levels

01 Nov Bitcoin (BTC) Price Trading Near Make-or-Break Levels

Posted at 08:12h in Bitcoin News by

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  • Bitcoin price is declining and struggling to stay above the $9,000 support against the US Dollar.
  • The price is could correct higher, but it might face resistance near the $9,200 and $9,300 levels.
  • There is a declining channel forming with resistance near $9,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Both Ethereum and ripple are showing a few bearish signs below $185 and $0.2950 respectively.

Bitcoin price is struggling to start a fresh increase above $9,400 against the US Dollar. Therefore, there is a risk of another drop below the $9,000 support in the near term.

Bitcoin Price Analysis

After struggling near the $9,500 resistance, bitcoin started a steady decline against the US Dollar. BTC traded below a couple of key supports near the $9,400 and $9,320 levels.

Moreover, there was a break below the $9,200 support and the 100 hourly simple moving average. The price even spiked below the $9,000 support area and traded to a new weekly low near the $8,951…

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