RATE Group | Bitcoin Price (BTC) Sighting Next Downside Break Below $8.2K
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Bitcoin Price (BTC) Sighting Next Downside Break Below $8.2K

26 Sep Bitcoin Price (BTC) Sighting Next Downside Break Below $8.2K

Posted at 07:08h in Bitcoin News by

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  • Bitcoin price is consolidating yesterday’s losses above the $8,200 support against the US Dollar.
  • The price is clearly trading with a bearish bias and remains at a risk of more losses below $8,000.
  • There is a key breakout pattern forming with resistance near $8,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could soon resume its decline below $8,200 unless the bulls push the price above $8,800.

Bitcoin price is forming the next breakout pattern against the US Dollar. BTC could either resume its decline below $8,000 or it might recover towards $9,000.

Bitcoin Price Analysis

Yesterday, there was a nasty drop in bitcoin below the $9,000 support area against the US Dollar. The price declined close to 15% and even traded below the $8,500 level. Finally, the price settled well below the 100 hourly simple moving average and traded to a new monthly low at $8,055. Later, there was an upside correction above the $8,200 and $8,400 levels.

Moreover, the price…

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