RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Nosedives Below $3,800
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Bitcoin Price Weekly Analysis: BTC/USD Nosedives Below $3,800

25 Nov Bitcoin Price Weekly Analysis: BTC/USD Nosedives Below $3,800

Posted at 07:31h in Bitcoin News by

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Key Points

  • Bitcoin price fell significantly and traded below $4,000 and $3,800 against the US Dollar.
  • There is a major bearish trend line formed with resistance at $4,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is under pressure below $3,800 and it could even break the $3,500 support level.

Bitcoin price tumbled more than 15% and broke the $3,800 support against the US Dollar. BTC/USD could accelerate declines towards the $3,500 level.

Bitcoin Price Analysis

This past week, there was a tiny upside correction above the $4,300 level in bitcoin price against the US Dollar. However, the BTC/USD pair failed to gain traction above the $4,400 and $4,500 resistances. As a result, there was a sharp downside move and the price declined below the $4,000 support. The price declined more than 12% and it is currently trading well below $3,800 and 100 simple moving average (4-hours).

A new yearly low was formed at $3,620 and it seems like the current decline is not…

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