RATE Group | Bitcoin (BTC) Price Turned Sell On Rallies Towards $9K
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Bitcoin (BTC) Price Turned Sell On Rallies Towards $9K

12 Nov Bitcoin (BTC) Price Turned Sell On Rallies Towards $9K

Posted at 06:32h in Bitcoin News by

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  • Bitcoin price is trading in a bearish zone below the $8,880 and $9,000 resistances against the US Dollar.
  • The price is struggling to recover and it is likely to face sellers towards $9,000.
  • Yesterday’s major bearish trend line is intact with resistance near $8,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There are a few key supports on the downside near the $8,600 and $8,500 levels.

Bitcoin price is facing an increase in selling below $9,000 against the US Dollar. BTC might correct higher, but sellers remain in control near $8,880 and $9,000.

Bitcoin Price Analysis

Yesterday, there was a decent recovery in bitcoin above $8,850 and $8,900 against the US Dollar. Moreover, BTC climbed above the $9,000 resistance and the 100 hourly simple moving average.

However, the upward move was capped by the $9,150 resistance. A high was formed near $9,150 and the price started another decline. It broke many supports near the $9,000 and $8,900 levels.

Additionally, there was a…

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