RATE Group | Bitcoin Price Analysis: Bulls Defend Yearly Support Amidst Wall Street Slump
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Bitcoin Price Analysis: Bulls Defend Yearly Support Amidst Wall Street Slump

14 Oct Bitcoin Price Analysis: Bulls Defend Yearly Support Amidst Wall Street Slump

Posted at 18:16h in Bitcoin News by

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As Bitcoin price moves towards the second weekly close of October, we recap what happened during the week and look at the bullish versus bearish case for the number one cryptocurrency.

1 Day chart  

Bitcoin price 00 has spent most of October in a tight range oscillating between lows of $6400 and highs of $6,650 as it continued a slow grind towards the horizontal resistance, which has capped the cryptocurrency’s price since January 2018.

Price action continued to respect this range until Wednesday the 10th where Bitcoin began a sharp decline of around 8% from $6,600 which lasted two days, testing yearly support at lows of $6,051.

This decline coincided with a large sell-off in stock markets across the world, which was largely sparked by a recent spike above 3.25% in the yield on 10-year US Treasury note for the first time since 2011. The significance meaning that the cost of borrowing would increase and negatively impact consumer spending and corporate investment, which would…

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