RATE Group | Bitcoin (BTC) Price Weekly Forecast: Risk Of Fresh Drop To $10,500
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Bitcoin (BTC) Price Weekly Forecast: Risk Of Fresh Drop To $10,500

11 Aug Bitcoin (BTC) Price Weekly Forecast: Risk Of Fresh Drop To $10,500

Posted at 07:39h in Bitcoin News by

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  • After a decent rise, bitcoin price topped near the $12,325 level against the US Dollar.
  • The price is currently correcting lower below $11,500, with a bearish angle.
  • There was a break below a crucial contracting triangle with support near $11,750 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently holding the $11,200 support, but it could extend its decline to $10,500.

Bitcoin price is currently correcting gains from $12,325 against the US Dollar. BTC price could correct lower towards $10,500 before it could rise again in the near term.

Bitcoin Price Weekly Analysis (BTC)

In the past few days, there was a decent rise in bitcoin price above the $11,000 resistance against the US Dollar. The BTC/USD pair traded above the $11,500 and $11,800 resistance levels. Moreover, there was a break above $12,000 and the price settled well above the 100 simple moving average (4-hours). A swing high was formed near $12,325 before the price started a downside…

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