RATE Group | Bitcoin Is Plunging, But It’s Too Early To Say Bulls Have Given Up
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Bitcoin Is Plunging, But It’s Too Early To Say Bulls Have Given Up

20 Jan Bitcoin Is Plunging, But It’s Too Early To Say Bulls Have Given Up

Posted at 06:02h in Bitcoin News by

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Bitcoin failed to extend gains above $9,200 and started a downside correction against the US Dollar. BTC price tested the $8,500 support and it could bounce back.

  • Bitcoin price is down more than 5% from the $9,186 high against the US Dollar.
  • The $8,500 support area could play an important role in the coming sessions.
  • There was a break below a major ascending channel with support near $8,830 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either bounce back from $8,500 or extend its decline towards $8,000.

Bitcoin Holding Key Uptrend Support

Yesterday, we discussed a crucial breakout pattern in bitcoin above $8,500 on the daily chart against the US Dollar. BTC price extended gains above $9,000, but it struggled to clear the main $9,200 and $9,300 resistance levels (as pointed out yesterday).

A new 2020 high was formed near $9,186 before the price started a sharp decline. There was a break below the $9,000 and $8,800 support levels. Besides, there was a break…

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