RATE Group | Bitcoin Just Broke $8K: Here Are Important Supports Traders Must Watch
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Bitcoin Just Broke $8K: Here Are Important Supports Traders Must Watch

09 Mar Bitcoin Just Broke $8K: Here Are Important Supports Traders Must Watch

Posted at 06:06h in Bitcoin News by

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Bitcoin is down close to 10% and it broke the key $8,000 support against the US Dollar. BTC price is now vulnerable, but the $7,500 support area could spark a decent recovery in the near term.

  • Bitcoin is declining heavily below the $8,200 and $8,000 support levels against the US Dollar.
  • The price broke many key supports, including the 100-day SMA.
  • There was a break below a major bullish trend line with support at $8,670 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • The next major support on the downside is near the $7,500 area, where the bulls are likely to appear.

Bitcoin Price Dives 10%

In yesterday’s weekly forecast, we discussed a breakdown pattern in bitcoin and the chances of it hitting the $8,400 level. BTC price not only tested the $8,400 level, but it dived sharply below the $8,200 support.

The daily chart suggests that the price broke many important supports, starting with $9,000 and $8,800. The first major support was near the $8,750 level and a major…

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