RATE Group | Bitcoin (BTC) Relatively Muted; Support Estimated Near $8.2K
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Bitcoin (BTC) Relatively Muted; Support Estimated Near $8.2K

18 Nov Bitcoin (BTC) Relatively Muted; Support Estimated Near $8.2K

Posted at 06:37h in Bitcoin News by

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  • Bitcoin price is trading below a few important resistances near $8,700 against the US Dollar.
  • The price is somehow holding the $8,420 and $8,375 support levels.
  • There is a major bearish trend line forming with resistance near $8,525 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently correcting higher, but sellers are likely to protect $8,575 or $8,660.

Bitcoin price is consolidating below key resistances against the US Dollar. BTC could decline further, but the $8,200 support might protect sharp losses.

Bitcoin Price Analysis

After struggling to clear the $8,600 and $8,660 resistance levels, bitcoin declined once again against the US Dollar. BTC broke the $8,500 support area and spiked below $8,400. However, the $8,375 region acted as a strong support.

As a result, the price recovered above $8,500, but it failed to settle above $8,600 and the 100 hourly simple moving average. The last swing high was formed near $8,629 and the recent low was near the…

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