RATE Group | Bitcoin Price (BTC) Decline Far From Over, Bears Eye $7.5K
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Bitcoin Price (BTC) Decline Far From Over, Bears Eye $7.5K

25 Sep Bitcoin Price (BTC) Decline Far From Over, Bears Eye $7.5K

Posted at 06:37h in Bitcoin News by

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  • Bitcoin price is down more than 12% and it recently broke the $8,500 support against the US Dollar.
  • The price is currently correcting higher, but the $8,750 and $8,800 levels are preventing recovery.
  • There is a crucial bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to resume its decline as long as it is below $8,750 and $9,000.

Bitcoin price nosedived below $9,000 and tested $8,050 against the US Dollar. BTC remains at a risk of more downsides as long as it is below $9,000.

Bitcoin Price Analysis

Yesterday, we saw a breakdown in bitcoin below the $10,000 support area against the US Dollar. The price remained in a bearish zone and broke many supports near $9,800 and $9,500. Moreover, there was a break below the $9,000 support and the 100 hourly simple moving average. Finally, the price traded close to the $8,000 level and registered a nasty decline. A low was formed near $8,055 and the price is…

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