RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Decline Could Extend to $5,950
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Bitcoin Price Weekly Analysis: BTC/USD Decline Could Extend to $5,950

09 Sep Bitcoin Price Weekly Analysis: BTC/USD Decline Could Extend to $5,950

Posted at 08:10h in Bitcoin News by

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Key Points

  • Bitcoin price is bleeding and it could extend its slide below the $6,100 level against the US Dollar.
  • There is a connecting bearish trend line in place with resistance at $6,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is clearly under pressure and it may perhaps slide to $6,000 and $5,950 in the near term.

Bitcoin price recently broke the $6,214 swing low against the US Dollar. BTC/USD is likely to extend declines and it could spike below $6,000 if sellers remain in action.

Bitcoin Price Trend

This past week, bitcoin price started a major downside move from well above the $7,200 level against the US Dollar. The BTC/USD pair broke many supports on the way down like $7,200, $7,000, $6,750, $6,600 and $6,400. There was also a break below a major bullish trend line with support at $7,200 on the 4-hours chart. The decline was such that the price even broke the $6,214 low and settled below the 100 simple moving average (4-hours).

Recently, the price…

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