RATE Group | Bitcoin Price Won’t Go Down Quietly: Risk of Bounce Grows
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Bitcoin Price Won’t Go Down Quietly: Risk of Bounce Grows

21 Jan Bitcoin Price Won’t Go Down Quietly: Risk of Bounce Grows

Posted at 06:29h in Bitcoin News by

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Bitcoin is currently consolidating above the key $8,500 support area against the US Dollar. BTC price could start a fresh rally if it clears the $8,800 resistance area.

  • Bitcoin price is confined in a range above the main $8,500 support against the US Dollar.
  • The bulls are facing hurdles near the $8,760 and $8,800 resistance levels.
  • There is a key contracting triangle forming with resistance near $8,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally above $8,800 or start a downside extension below $8,470.

Bitcoin Sighting Upside Break

Yesterday, we discussed a downside correction in bitcoin from well above the $9,000 level against the US Dollar. BTC price followed a short term bearish path and broke the $8,800 support area.

Moreover, there was a close below the $8,800 level and the 100 hourly simple moving average. Finally, bitcoin tested the key $8,500 support area and recently started a tiny recovery.

The price tested the $8,500 support area…

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