RATE Group | Bitcoin Seeks Bargain Buyers As Price Retreats Back Toward $8K
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Bitcoin Seeks Bargain Buyers As Price Retreats Back Toward $8K

25 Jul Bitcoin Seeks Bargain Buyers As Price Retreats Back Toward $8K

Posted at 12:33h in Bitcoin News by

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Bitcoin’s (BTC) price has seen a $250 drop this morning from Tuesday’s two-month highs and may be headed for a deeper correction, technical charts suggest.

As of writing, the premier cryptocurrency is trading at $8,220 on Bitfinex down 3.5 percent from the high of $8,507 reached yesterday.

The correction is not surprising and could be extended further as BTC’s 40 percent rally from the seven-month low of $5,755 reached on June 24 is looking overstretched, as per the relative strength index (RSI).

The short duration charts have also aligned in favor of a deeper correction.

However, the bullish reversal has likely revved up investor interest in BTC. Hence, bargain hunters or investors who missed the bus last week could step in at the following key support levels.

Hourly chart

The 50-hour, 100-hour, and 200-hour moving averages (MAs) are trending north and are located one above the other, indicating the path of least resistance is to the upside. Consequently, these MAs could be…

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