{"id":400601,"date":"2019-10-06T05:08:46","date_gmt":"2019-10-06T05:08:46","guid":{"rendered":"https:\/\/ktsl888.com\/?p=400601"},"modified":"2024-06-11T13:30:48","modified_gmt":"2024-06-11T13:30:48","slug":"bitcoin-btc-price-weekly-forecast-bears-remain-in-full-control","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-price-weekly-forecast-bears-remain-in-full-control\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Bears Remain In Full Control"},"content":{"rendered":"
Bitcoin price is declining and is trading in a bearish zone below $8,500 against the US Dollar. BTC is likely to decline further to $7,850 or $7,500 before a decent upward move.<\/em><\/p>\n This past week, BTC started a short term recovery from the $7,659 low against the US Dollar. The BTC\/USD pair traded above the $7,800 and $8,000 resistance levels. Moreover, there was a break above the $8,200 resistance area. Finally, the price tested the $8,500 resistance area<\/a> and topped near the $8,539 level. Recently, it started a fresh decline and traded below the $8,400 level.<\/p>\n The price is now following a bearish path below the $8,200 level and is trading well below the 100 simple moving average (4-hours). There was a break below the 50% Fib retracement level of the upward move from the $7,659 low to $8,539 high. At the moment, the price is holding the $8,000 support level, with a bearish angle. An immediate support is near $8,000. It coincides with the 61.8% Fib retracement level of the upward move from the $7,659 low to $8,539 high.<\/p>\n More importantly, there is a key declining channel forming with resistance near $8,200 on the 4-hours chart of the BTC\/USD pair. Bitcoin remains at a risk of more downsides below the $8,000 support area. If it breaks $8,000, it could decline towards the $7,850 support area. Any further downsides might trigger a move towards the $7,500 support area in the near term.<\/p>\n On the upside, there are many hurdles near the $8,200 and $8,300 levels. The first major resistance is near the $8,500 level. However, the main resistance<\/a> is near the $8,600 level and the 100 simple moving average (4-hours). There is also a connecting bearish trend line forming with resistance near $8,600 on the same chart.<\/p>\nBitcoin Price Weekly Analysis (BTC)<\/h2>\n