RATE Group | Bitcoin Price Trapped Below $8,500 as Bears Call for a Drop to $6K
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Bitcoin Price Trapped Below $8,500 as Bears Call for a Drop to $6K

04 Oct Bitcoin Price Trapped Below $8,500 as Bears Call for a Drop to $6K

Posted at 01:22h in Bitcoin News by

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Around this time last week, the situation was looking increasingly dire for Bitcoin (BTC) and murmurs of a drop to $6,000 and even $3,000 began to circulate amongst traders. Even today there are still those that consider this a real possibility and perhaps it is. For the moment, Bitcoin appears to have stabilized and traders are hopeful that a strong move to $8,500 will occur over the coming days. 

Where are we going? 

BTC/USD 4-Hour Chart. Source: TradingViewBTC/USD 4-Hour Chart. Source: TradingView

Since the drop from $10,300, Bitcoin has been pinned in the $8,000 to $8,400 range with support at $8,000 and $7,850. The digital asset formed a double bottom at $7,715 then crawled above the 20-MA of the Bollinger Band indicator. At the time of writing the 12 and 26 exponential moving averages (EMA) are in the process of converging on the 4-hour chart. 

The last two attempts to make a strong upside move were capped around $8,520, possibly the result of volume continuing to taper off as the Bollinger Bands tighten. 

One can…

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