RATE Group | Bitcoin Price (BTC) Extending Decline Below Key Support
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Bitcoin Price (BTC) Extending Decline Below Key Support

07 Oct Bitcoin Price (BTC) Extending Decline Below Key Support

Posted at 07:12h in Bitcoin News by

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  • Bitcoin price is currently declining and is trading well below $8,000 against the US Dollar.
  • The price is struggling to recover and it looks set to decline further towards the $7,500 support.
  • There is a crucial declining channel forming with resistance near the $8,050 level on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to accelerate decline below the $7,800 and $7,750 levels in the near term.

Bitcoin price is showing bearish signs below $8,000 against the US Dollar. BTC remains at a risk of an extended decline towards the $7,500 weekly target.

Bitcoin Price Analysis

In the past few days, there was a steady decline in bitcoin from the $8,500 resistance against the US Dollar. The BTC/USD pair broke many supports near $8,300 and $8,200 to enter a bearish zone. Moreover, there was a close below the $8,200 level and the 100 hourly simple moving average. Recently, the bears gained traction and they were successful in pushing the price below the $8,000…

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