RATE Group | Bitcoin Price (BTC) Downside Thrust Underway Before Fresh Rise
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Bitcoin Price (BTC) Downside Thrust Underway Before Fresh Rise

04 Oct Bitcoin Price (BTC) Downside Thrust Underway Before Fresh Rise

Posted at 06:27h in Bitcoin News by

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  • Bitcoin price is currently declining after it failed to surpass the $8,400 resistance against the US Dollar.
  • The price is trading near the $8,000 support level, with a minor bearish angle.
  • There is a key declining channel forming with resistance near the $8,260 level on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is at a risk of a downside break below the $8,000 support in the near term.

Bitcoin price is struggling to hold the key $8,000 support against the US Dollar. BTC might dip towards the $7,800 support area before it could start a decent recovery.

Bitcoin Price Analysis

In the past two sessions, there were bearish moves in bitcoin below $8,300 against the US Dollar. The BTC/USD pair followed a bearish path and broke the $8,200 support area. Moreover, there was a close below the $8,200 level and the 100 hourly simple moving average. The last swing high was formed near $8,300 before the price broke $8,200 support.

Additionally, there was a break below the…

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