RATE Group | Bitcoin Price Watch: BTC/USD Looks Set To Gain Pace Below $4,000
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Bitcoin Price Watch: BTC/USD Looks Set To Gain Pace Below $4,000

23 Nov Bitcoin Price Watch: BTC/USD Looks Set To Gain Pace Below $4,000

Posted at 08:45h in Bitcoin News by

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Key Points

  • Bitcoin price started a major downside move after it failed to break the $4,600 resistance against the US Dollar.
  • There is a new bearish trend line in place with resistance at $4,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently in a bearish zone and it could accelerate losses below the $4,000 level in the near term.

Bitcoin price failed to recover further above $4,700 and declined against the US Dollar. BTC/USD could accelerate declines below the $4,000 support area.

Bitcoin Price Analysis

Yesterday, there as a tiny upside correction above the $4,500 level in bitcoin price against the US Dollar. The BTC/USD pair failed to break the $4,600 resistance and remained well below the $4,700 pivot area. Later, the price started a downside move and traded below the $4,500 and $4,400 support levels. It is currently trading well below the $4,500 level and the 100 hourly simple moving average.

The price also declined below the 61.8% Fib…

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