RATE Group | Bitcoin Price (BTC) Weekly Target of $7.5K Still In Sight
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Bitcoin Price (BTC) Weekly Target of $7.5K Still In Sight

27 Sep Bitcoin Price (BTC) Weekly Target of $7.5K Still In Sight

Posted at 06:41h in Bitcoin News by

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  • Bitcoin price extended its decline and broke the key $8,000 support area against the US Dollar.
  • The price is likely to test the main weekly bearish target of $7,500 in the coming sessions.
  • There was a bearish break below a contracting triangle with support near $8,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently trading near $8,000 and it is likely to extend its decline towards $7,500.

Bitcoin price is extending its decline below $8,000 against the US Dollar. BTC could soon test the bearish target of $7,500 as discussed in one of the recent analyses.

Bitcoin Price Analysis

After a short term correction, bitcoin struggled to break the $8,750 resistance area against the US Dollar. As a result, the price started consolidating losses below $8,500 and the 100 hourly simple moving average. Finally, there was a downside break below the $8,350 and $8,200 support levels. It seems like the bulls failed to protect losses below the $8,200 support…

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