RATE Group | Bitcoin Eyeing Last Line of Defense, Bulls Losing Grip
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Bitcoin Eyeing Last Line of Defense, Bulls Losing Grip

25 Dec Bitcoin Eyeing Last Line of Defense, Bulls Losing Grip

Posted at 13:22h in Bitcoin News by

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  • Bitcoin price is struggling to stay above the $7,160 and $7,120 support levels against the US Dollar.
  • A successful close below $7,120 could accelerate decline below $7,000.
  • There is a key connecting bearish trend line forming with resistance near $7,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either accelerate decline below $7,000 or recover to $7,500.

Bitcoin price is showing a few bearish signs below $7,400 against the US Dollar. BTC must stay above $7,120 to avoid a nasty decline below $7,000.

Bitcoin Price Analysis

Yesterday, we saw a downside correction in bitcoin price from the $7,700 resistance area against the US Dollar. The price traded below the $7,400 and $7,300 support levels.

Moreover, the price struggled to stay above the $7,260 support and the 100 hourly simple moving average. It opened the doors for more losses and the price traded close to the $7,160 support.

A low is formed near $7,159 and the price is currently consolidating…

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