RATE Group | Do or Die For Bitcoin Bulls: Here’s What Could Trigger Short Term Rebound
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Do or Die For Bitcoin Bulls: Here’s What Could Trigger Short Term Rebound

11 Mar Do or Die For Bitcoin Bulls: Here’s What Could Trigger Short Term Rebound

Posted at 06:12h in Bitcoin News by

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Bitcoin is facing a crucial resistance near $8,200 against the US Dollar (as discussed yesterday). BTC price could trade in a range for a few sessions before the next move.

  • Bitcoin is trading in a bearish zone below the $8,200 resistance area against the US Dollar.
  • The bulls are putting up a fight to defend the $7,800 and $7,700 support levels.
  • There is a key contracting triangle forming with resistance near $7,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could make another attempt to surpass the main $8,200 resistance area in the near term.

Bitcoin is Facing Hurdles

Yesterday, we discussed the chances of a short term recovery in bitcoin towards the $8,200 resistance area against the US Dollar. BTC price did start an upward move above the $8,000 and $8,100 levels.

However, the price failed to gain strength above the $8,180 and $8,200 resistance levels. A swing high was formed near $8,165 and the price remained well below the 100 hourly simple moving…

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