RATE Group | Bitcoin Price (BTC) Rebounding But $8.5K Resistance Holds Key
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Bitcoin Price (BTC) Rebounding But $8.5K Resistance Holds Key

08 Oct Bitcoin Price (BTC) Rebounding But $8.5K Resistance Holds Key

Posted at 08:47h in Bitcoin News by

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  • Bitcoin price started an upside correction above the $8,000 resistance against the US Dollar.
  • The price is currently up around 5% and it recently tested the $8,350 area.
  • There was a break above yesterday’s highlighted declining channel with resistance near the $8,060 level on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently consolidating gains and it could correct lower towards $8,150 or $8,050.

Bitcoin price is currently rebounding above $8,200 against the US Dollar. However, BTC is still facing a lot of hurdles on the upside near $8,400 and $8,500.

Bitcoin Price Analysis

Yesterday, BTC traded to a new weekly low near $7,770 against the US Dollar. Later, the price started an upside correction above the $7,850 and $7,920 resistance levels. Moreover, there was a break above the $8,000 resistance and the 100 hourly simple moving average. During the rise, there was a break above yesterday’s highlighted declining channel with resistance near the $8,060…

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