RATE Group | Key Indicator Signals That Bitcoin is Bottoming as Bulls Defend Key Support Level
69194
post-template-default,single,single-post,postid-69194,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Key Indicator Signals That Bitcoin is Bottoming as Bulls Defend Key Support Level

19 Nov Key Indicator Signals That Bitcoin is Bottoming as Bulls Defend Key Support Level

Posted at 21:22h in Bitcoin News by

[ad_1]

Bitcoin (BTC) has continued slowly grinding lower as bears gain the upper hand over bulls, and sellers have now led the cryptocurrency down to a key support level that must be defended or else it will open the gates for significantly further losses in the near-term.

Analysts are now noting that technical indicators may point to the possibility that Bitcoin is in the process of bottoming out, but BTC’s inability to post any strong bounce at $8,000 may point to an underlying weakness amongst the crypto’s buyers.

Bitcoin Falls to Key Support Level at $8,000

At the time of writing, Bitcoin is trading down nearly 5% at its current price of $8,160, which marks a notable drop from its daily highs of nearly $8,600 that were set yesterday morning.

Today’s dip to lows of $8,000 marks an extension of the sell-off that first occurred when BTC fell below $9,000, which had previously proven to be a strong support level for the cryptocurrency.

BTC did post a slight bounce at $8,000 today,…

[ad_2]

Source link

Tags:
, , , , , , , ,