RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Remains In Downtrend Below $4,500
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Bitcoin Price Weekly Analysis: BTC/USD Remains In Downtrend Below $4,500

02 Dec Bitcoin Price Weekly Analysis: BTC/USD Remains In Downtrend Below $4,500

Posted at 08:18h in Bitcoin News by

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Key Points

  • Bitcoin price recovered recently and traded above the $4,000 and $4,200 levels against the US Dollar.
  • There is a key bearish trend line formed with resistance at $4,320 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to struggle to break the $4,320, $4,400, $4,500 and $4,590 resistance levels.

Bitcoin price is slowly recovering above $4,000 against the US Dollar. However, BTC/USD remains in a downtrend as long as it is below the $4,500 resistance.

Bitcoin Price Analysis

This past week, there was a decent recovery from the $3,500 support area in bitcoin price against the US Dollar. The BTC/USD pair traded higher and broke the $3,750 and $4,000 resistance levels. The upside move was positive above the $4,000 and $4,200 levels. There was even a close below the 23.6% Fib retracement level of the last slide from the $5,697 high to $3,483 low. However, the price struggled to clear the $4,400-4,500 resistance zone.

Moreover, there is a key bearish…

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