RATE Group | Bitcoin Eyes Last Line of Defense But Can Bulls Save This Crucial Support?
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Bitcoin Eyes Last Line of Defense But Can Bulls Save This Crucial Support?

12 Mar Bitcoin Eyes Last Line of Defense But Can Bulls Save This Crucial Support?

Posted at 08:43h in Bitcoin News by

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Bitcoin is declining and trading below the key $7,800 support against the US Dollar. BTC price could soon test the main $7,400-$7,500 support area where the bulls might take a stand.

  • Bitcoin is extending losses and it may even slide below the $7,600 area against the US Dollar.
  • The bulls are likely to take a strong stand near the $7,500 and $7,400 support levels.
  • There is a major declining channel forming with support near $7,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of a massive drop if it fails to stay above the $7,400 support.

Bitcoin is Approaching Major Support

After testing the $7,600 area, bitcoin price corrected a few points against the US Dollar. BTC price traded above the $7,800 level, but it stayed well below the 100 hourly simple moving average.

It seems like the price fails to gain strength above the $8,000 level. A swing high is formed near $7,988 and the price is currently declining. There was a break below the $7,800…

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