RATE Group | Bitcoin Price Watch: BTC/USD’s Upsides Capped By $6,580
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Bitcoin Price Watch: BTC/USD’s Upsides Capped By $6,580

27 Sep Bitcoin Price Watch: BTC/USD’s Upsides Capped By $6,580

Posted at 02:13h in Bitcoin News by

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Key Points

  • Bitcoin price declined further, broke the $6,400 support, and traded as low as $6,318 against the US Dollar.
  • There are two bearish trend lines in place with resistance at $6,520 and $6,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to face a strong resistance near the $6,580 level if there is an upside correction.

Bitcoin price extended declines towards the $6,275 level against the US Dollar. BTC/USD may perhaps correct higher, but it won’t be easy for a push above $6,580.

Bitcoin Price Analysis

There was a sharp downside reaction below the $6,600 pivot level in bitcoin price against the US Dollar. The BTC/USD pair declined further below the $6,450 and $6,400 levels to move into a bearish zone. The recent low was formed at $6,318 before the price started consolidating losses. It tested the 23.6% Fib retracement level of the last decline from the $6,660 high to $6,318 low.

However, gains were limited by the $6,450 level. Moreover, the…

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