RATE Group | Bitcoin (BTC) Price Won’t Go Quietly, Risk of Bounce Grows
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Bitcoin (BTC) Price Won’t Go Quietly, Risk of Bounce Grows

24 Oct Bitcoin (BTC) Price Won’t Go Quietly, Risk of Bounce Grows

Posted at 06:40h in Bitcoin News by

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  • Bitcoin price is down more than 8% and it dived below $7,500 against the US Dollar.
  • The price is currently correcting higher after trading to a new monthly low near $7,300
  • There are two connecting bearish trend lines forming with resistance near $7,450 and $7,660 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is trading near key supports and it could correct higher towards $7,660 and $7,700.

Bitcoin price is down around $1,000 this week against the US Dollar. BTC bears need to be careful as there could be a nice recovery in the near term.

Bitcoin Price Analysis

This week, bitcoin failed to clear the $8,300 resistance area against the US Dollar. BTC price started a fresh decline and broke many support near the $8,000 handle.

As a result, the bears took control and the price dived more than 8% in the past three sessions. It broke the $7,800 and $7,600 supports levels. Moreover, there was a clear break below $7,500 and the price settled below the 100 hourly simple…

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