RATE Group | Bitcoin Price Watch: BTC Hesitates, But Further Losses Seem Likely
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Bitcoin Price Watch: BTC Hesitates, But Further Losses Seem Likely

12 Dec Bitcoin Price Watch: BTC Hesitates, But Further Losses Seem Likely

Posted at 07:22h in Bitcoin News by

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Key Points

  • Bitcoin price remains in a bearish zone below the $3,400 and $3,500 resistances against the US Dollar.
  • This week’s followed key bearish trend line is in place with resistance at $3,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains at a risk of more losses if there is no break above $3,440 and $3,500.

Bitcoin price is slowly extending losses below $3,400 against the US Dollar. BTC could accelerate losses if buyers continue to struggle near $3,440-3,500.

Bitcoin Price Analysis

During the past few hours, there were bearish moves below $3,500 in bitcoin price against the US Dollar. The BTC/USD pair recently settled below the $3,400 level and the 100 hourly simple moving average. A new intraday low was formed at $3,295 and later the price corrected a few points higher. On the upside, an initial resistance is near the 23.6% Fib retracement level of the recent slide from the $3,635 high to $3,295 low.

However, the first major resistance is near…

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