RATE Group | Bitcoin Price Watch: BTC Targets Fresh Lows Below $5,200, Market Gloomy
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Bitcoin Price Watch: BTC Targets Fresh Lows Below $5,200, Market Gloomy

19 Nov Bitcoin Price Watch: BTC Targets Fresh Lows Below $5,200, Market Gloomy

Posted at 11:13h in Bitcoin News by

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Key Points

  • Bitcoin price is currently under pressure below the $5,500 resistance level against the US Dollar.
  • There was a break below a key bullish trend line with support at $5,530 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is declining and it seems like it could break the $5,230 and $5,200 support levels.

Bitcoin price is moving lower towards the last low against the US Dollar. BTC/USD could accelerate declines below if there is a break below the $5,200 support.

Bitcoin Price Analysis

The past few hours were pretty bearish because bitcoin price was rejected near $5,600 against the US Dollar. The BTC/USD pair started a fresh decline and traded below the $5,550 and $5,500 support levels. There was even a break below the $5,400 support and the 100 hourly simple moving average. It opened the doors for more losses towards the $5,230 and $5,200 levels.

During the slide, there was a break below a key bullish trend line with support at $5,530 on the hourly chart…

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