RATE Group | Bitcoin Is In Steep Downtrend, But This Variable Can Trigger A New Rally
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Bitcoin Is In Steep Downtrend, But This Variable Can Trigger A New Rally

10 Jan Bitcoin Is In Steep Downtrend, But This Variable Can Trigger A New Rally

Posted at 06:53h in Bitcoin News by

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Bitcoin price followed a bearish path after it failed to surpass the $8,500 resistance against the US Dollar. BTC is now approaching a crucial support near $7,750 and $7,600.

  • Bitcoin is trading near a significant buy zone at $7,600-$7,750 against the US Dollar.
  • The bulls are likely to gain control if they are able to protect $7,600.
  • There is a short term declining channel forming with resistance near $7,880 support near $7,930 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either bounce sharply above $8,000 or tumble below $7,750 and $7,600.

Bitcoin Approaching Key Support

Recently, bitcoin bears took control and they were able to push the price below $8,000 against the US Dollar. Moreover, BTC settled below the $8,000 handle and the 100 hourly simple moving average.

The price is now trading below the 50% Fib retracement level of the last major rally from the $7,302 low to $8,460 high. During the decline, there was a break below a key bullish trend line…

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