RATE Group | Bitcoin Price Watch: BTC/USD Buyers Losing Grip Below $6,500?
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Bitcoin Price Watch: BTC/USD Buyers Losing Grip Below $6,500?

18 Oct Bitcoin Price Watch: BTC/USD Buyers Losing Grip Below $6,500?

Posted at 10:44h in Bitcoin News by

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Key Points

  • Bitcoin price is still struggling to clear the key $6,520 resistance zone against the US Dollar.
  • There is an important bullish trend line in place with support at $6,430 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently at a risk of a bearish reaction towards the $6,400 or $6,340 support levels.

Bitcoin price is slowly moving into a bearish zone below $6,480 against the US Dollar. BTC/USD could extend the current dip towards $6,340 if buyers lose control.

Bitcoin Price Analysis

There was an increase in selling pressure noted below the $6,500 and $6,480 levels in bitcoin price against the US Dollar. The BTC/USD pair struggled continuously to break the $6,500 and $6,520 resistance levels. As a result, there was a slight bearish reaction and the price declined below the $6,450 level. It seems like the price failed to settle above the 23.6% Fib retracement level of the previous decline from the $6,828 high to $6,350 swing low.

More importantly,…

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