RATE Group | Bitcoin (BTC) Price Weekly Forecast: Vulnerable Below $8K-$8.2K
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Bitcoin (BTC) Price Weekly Forecast: Vulnerable Below $8K-$8.2K

20 Oct Bitcoin (BTC) Price Weekly Forecast: Vulnerable Below $8K-$8.2K

Posted at 05:27h in Bitcoin News by

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  • There was a steady decline in bitcoin price below the $8,200 support against the US Dollar.
  • The price is currently trading below $8,000 and it remains at a risk of more losses.
  • There is a major bearish trend line forming with resistance near $8,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price must climb above $8,100 and $8,200 for bullish continuation in the near term.

Bitcoin price is showing bearish signs below $8,000 against the US Dollar. BTC could extend its decline below the $7,800 support area in the near term.

Bitcoin Price Weekly Analysis (BTC)

In the past few days, BTC followed a bearish path below the $8,400 and $8,250 levels against the US Dollar. The BTC/USD pair even settled below the $8,200 support and the 100 simple moving average (4-hours). Finally, there was a break below the $8,000 support and a new monthly low was formed near $7,822. The price is currently consolidating losses and is trading below the $8,000 support.

An immediate…

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