RATE Group | Bitcoin Price Watch: BTC/USD Tumbles, Sell On Rallies Near $6,770
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Bitcoin Price Watch: BTC/USD Tumbles, Sell On Rallies Near $6,770

08 Aug Bitcoin Price Watch: BTC/USD Tumbles, Sell On Rallies Near $6,770

Posted at 13:13h in Bitcoin News by

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Key Points

  • Bitcoin price declined sharply and broke an important support near $6,830 against the US Dollar.
  • A crucial bearish trend line with current resistance at $7,000 acted as a hurdle on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair declined below the $6,500 level and recoveries are likely to face sellers near $6,770.

Bitcoin price turned bearish below $6,830 against the US Dollar. BTC/USD could correct higher, but it is likely to face heavy selling interest near $6,700 and $6,770.

Bitcoin Price Analysis

Yesterday, we discussed that there could be a recovery above $7,050 in bitcoin price against the US Dollar. The BTC/USD pair did move above $7,050, but as discussed upsides were capped. The price failed to break the $7,070 and $7,150 resistance levels. More importantly, there was a rejection pattern formed near the $7,150 level and the 100 hourly simple moving average.

Lastly, a crucial bearish trend line with current resistance at $7,000 acted as a hurdle on…

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