RATE Group | Bitcoin Price (BTC) Breaks Key Support: $8,800 Bearish Target Could Be Real
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Bitcoin Price (BTC) Breaks Key Support: $8,800 Bearish Target Could Be Real

15 Jul Bitcoin Price (BTC) Breaks Key Support: $8,800 Bearish Target Could Be Real

Posted at 06:14h in Bitcoin News by

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  • Bitcoin price extended its declined and broke the key $10,800 support level against the US Dollar.
  • The price even broke the last swing low and a major support area near the $10,500 level.
  • There is a key bearish trend line forming with resistance near $10,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains in a strong target and it seems like the $8,880 bearish target seems real.

Bitcoin price started a fresh decline below the $10,800 support against the US Dollar. BTC is currently correcting higher, but the $10,800 level is likely to act as a sell zone.

Bitcoin Price Analysis

In the past few days, there were heavy losses in bitcoin price below the $11,000 support against the US Dollar. The BTC/USD pair even broke the key $10,800 support area to extend its decline. Finally, there was a break below the last swing low and a major support area near the $10,500 level. The price settled below the $10,800 level and the 100 hourly simple moving average. A swing…

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