RATE Group | Bitcoin Price Tests $8,500 Support as Trader Warns of Further New Lows
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Bitcoin Price Tests $8,500 Support as Trader Warns of Further New Lows

14 Nov Bitcoin Price Tests $8,500 Support as Trader Warns of Further New Lows

Posted at 11:42h in Bitcoin News by

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Bitcoin (BTC) fell below $8,600 on Nov. 14 as its slow grind downwards continues to see new lows haunt markets.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bitcoin trends downwards at $8.6K

Data from Coin360 shows the largest cryptocurrency hitting $8,550 on Thursday, its lowest since late October. A subsequent rebound took BTC/USD back above $8,600.

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

Bitcoin has spent most of the week steadily eroding gains it made previously, first losing support at $9,000 and exiting a trading corridor that had previously kept it rangebound between $9,000 and $9,500.

Opinions remain mixed about the near-term prospects for traders, but bearish sentiment is creeping in as losses continue.

In his most recent update for subscribers of his Telegram channel, regular Cointelegraph contributor filbfilb warned that there was now potential for shorting BTC/USD and that a sharper drop could occur.

“Looks like we need to go lower. Getting signs to flip…

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