RATE Group | BTC/USD critical support areas come under prolonged pressure
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BTC/USD critical support areas come under prolonged pressure

29 Jul BTC/USD critical support areas come under prolonged pressure

Posted at 10:23h in Bitcoin News by

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  • Bear pressure mauled through $9,400 support before forming a low around $9,300.
  • BTC/USD is dancing above $9,400 with the upside currently limited by the 50 SMA.

Bitcoin struggled to secure key support areas during the weekend sessions. However, bearish pressure had its way smashing the price back under $10,000. Downside correction continued below the moving average. Besides, expected support at the 61.8% fib retracement level taken between the last drop from $10,226 to a low of $9,126 caved in.

The declines ravaged through other key levels at $9,800and $9,600. The pressure mauled through $9,400 support before forming a low around $9,300. Although forced between a rock and a hard place, the buyers managed to give Bitcoin an incredible push above $9,600. While the price infiltrated the resistance at the 50% Fib level, it failed to break above the 100 Simple Moving Average (SMA) 1-hour resistance.

Also read: Crypto mining gets legalized by the Iranian…

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