RATE Group | Bitcoin Price May Test $7,750 as Selling Pressure Grows
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Bitcoin Price May Test $7,750 as Selling Pressure Grows

17 Oct Bitcoin Price May Test $7,750 as Selling Pressure Grows

Posted at 17:12h in Cryptocurrency News by

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  • Bitcoin’s bearish daily candle close (UTC) on October 16 has increased the likelihood of further price drops.
  • The monthly chart has similarities to that of November 2018 when volumes favored a bullish outlook, before dropping to new yearly lows.
  • The bulls need to drive prices back above $8,300 quickly or risk conceding full market control to the bears in the short term.

Bitcoin is looking increasingly weak, having dropped nearly 2 percent on rising trading volumes Wednesday.

The top cryptocurrency by market value fell from $8,150 to $7,912 in the early U.S. trading hours on Wednesday before printing a UTC close at $7,996.

The price slide strengthened the case for a retest of recent lows near $7,750 put forward by Tuesday’s bearish “outside bar” candle.

Moreover, as reported, selling pressure has been building in recent days following bitcoin’s failure at the 200-day moving average hurdle on Oct. 11. The key MA is widely considered a barometer of the…

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