RATE Group | Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key
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Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key

24 Dec Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key

Posted at 06:43h in Bitcoin News by

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  • Bitcoin price failed to extend gains above $7,700 and declined more than $400 against the US Dollar.
  • The price is now trading below $7,400 and it declined close to the $7,260 support area.
  • Earlier, there was a break below a contacting triangle with support near $7,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must stay above the $7,120 support to avoid a bearish reversal in the near term.

Bitcoin price is back to the key $7,200 support area against the US Dollar. BTC is now facing a lot of hurdles near the $7,400 and $7,500 levels.

Bitcoin Price Analysis

Yesterday, we saw a strong rise in bitcoin price above the $7,500 resistance against the US Dollar. Moreover, the price spiked above the $7,600 level and the 100 hourly simple moving average.

However, the bulls struggled to gain traction above the $7,680 and $7,700 levels. There were two attempts to pierce the $7,700 resistance, but the bears succeeded in defending more upsides.

As a result, there was a…

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