RATE Group | Bitcoin price prediction: BTC/USD bulls claw back some ground
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Bitcoin price prediction: BTC/USD bulls claw back some ground

07 Oct Bitcoin price prediction: BTC/USD bulls claw back some ground

Posted at 18:27h in Bitcoin News by

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  • BTC/USD gets back above $8,000, but further recovery may be limited.
  • The coin may retest critical support  $7,700.

Bitcoin (BTC) is hovering at $8,000. The coin has recovered from the intraday low of $7,768; however, it is still vulnerable to further losses if the price fails to develop the upside momentum above the pivotal area. BTC/USD has gained 2.2% since the beginning of the day and stayed unchanged in recent 24 hours.

Bitcoin confluence levels 

At the time of writing, BTC/USD bulls are trying to push the coin further away from dangerous $8,000.  However, there are some technical resistance levels that may ruin their plans. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$8,150 – SMA50 (Simple Moving Average) four-hour, SMA200 one-hour, SMA5 daily;
$8,500 – Pivot Point one-day Resistance 3, 23.6% Fibo retracement monthly;
$9,000 – Pivot Point one-week Resistance 2.

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