RATE Group | Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Sharp Decline
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Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Sharp Decline

23 Jan Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Sharp Decline

Posted at 05:35h in Bitcoin News by

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Bitcoin bulls are facing an uphill task near $8,700 and $8,800 against the US Dollar. BTC price could either rally above $8,800 or decline heavily below $8,470 in the coming sessions.

  • Bitcoin is showing a few bearish signs after it was rejected near $8,800.
  • The price is currently sliding and it is approaching the key $8,560 and $8,470 support levels.
  • There is a major bearish trend line forming with resistance near $8,640 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either start a fresh increase above $8,800 or decline heavily below $8,470.

Bitcoin Price Could Slide Below $8,470

In the past couple of analyses, we discussed the importance of the $8,800 resistance for bitcoin against the US Dollar. Recently, BTC price tested the $8,800 resistance, but it failed to continue higher.

A high was formed near $8,800 and the price started declining. It traded below the $8,700 and $8,650 levels. Moreover, there was a break below the 23.6% Fib retracement level of…

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