RATE Group | Bitcoin Just Reversed and Its Vulnerable To A Drop Towards $5,200
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Bitcoin Just Reversed and Its Vulnerable To A Drop Towards $5,200

23 Mar Bitcoin Just Reversed and Its Vulnerable To A Drop Towards $5,200

Posted at 06:29h in Bitcoin News by

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Bitcoin is down more than 5% and it broke the $6,000 support against the US Dollar. BTC price is now showing bearish signs and it could continue to move down.

  • Bitcoin started a fresh decline after it failed to clear the $6,500 resistance against the US Dollar.
  • The price is now trading below the $6,200 and $6,000 support levels.
  • There is a key contracting triangle forming with support near $5,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either decline sharply below $5,750 or it might attempt a fresh increase to $6,500.

Bitcoin Down 5%

After a decent upward move, bitcoin struggled to gain momentum above the $6,500 resistance against the US Dollar. BTC price made a couple of attempts to settle above $6,500, but it failed.

As a result, there was a fresh decline below the $6,200 support and the 100 hourly simple moving average. The price gained bearish momentum and traded below the $6,000 support.

A new weekly low is formed near the $5,694 level and…

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