RATE Group | Bitcoin Is Carving Short Term Bottom Near $4K After A Massive 50% Decline
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Bitcoin Is Carving Short Term Bottom Near $4K After A Massive 50% Decline

Bitcoin Is Carving Short Term Bottom Near $4K After A Massive 50% Decline

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Bitcoin is down more than 50% and broke many key supports such as $5,000 against the US Dollar. BTC price seems to be forming a short term bottom near $4,000 and it could recover.

  • Bitcoin tumbled below many important supports and tested $4,000 against the US Dollar.
  • The price is currently recovering from a major technical level near the $3,900 area.
  • There was a break below a key bullish trend line with support at $8,480 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • A short term recovery is possible, but there are many hurdles for the bulls near $5,600 and $6,000.

Bitcoin Price Holding Key Technical Support

The past few sessions were absolutely catastrophic, as bitcoin fell significantly from well above the $8,000 level. BTC price is down more than 50% and it broke many supports, including $7,200, $6,500 and $5,000.

The decline was initiated after there was a break below a key bullish trend line with support at $8,480 on the daily chart of the BTC/USD pair. The pair…

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