{"id":400877,"date":"2019-10-09T06:00:24","date_gmt":"2019-10-09T06:00:24","guid":{"rendered":"https:\/\/ktsl888.com\/?p=400877"},"modified":"2024-06-11T13:30:54","modified_gmt":"2024-06-11T13:30:54","slug":"bitcoin-price-btc-holding-8k-and-likely-to-bounce-back","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/","title":{"rendered":"Bitcoin Price (BTC) Holding $8K and Likely To Bounce Back"},"content":{"rendered":"<ul>\n<li>Bitcoin price formed a high near $8,348 and recently corrected lower against the US Dollar.<\/li>\n<li>The price is currently trading near the $8,120 level and it could test $8,050 or even $8,000.<\/li>\n<li>There is a short term contracting triangle forming with resistance near $8,160 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely to remain well bid above the $8,050 and $8,000 support levels in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price is slowly declining below $8,200 against the US Dollar. However, BTC is likely to hold the $8,000 support and it could bounce back above $8,200.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/ktsl888.com\/2019\/10\/08\/bitcoin-price-btc-rebounding-but-8-5k-resistance-holds-key\/\" target=\"_blank\" rel=\"noopener noreferrer \">nice upward move<\/a> in BTC above the $8,200 resistance area against the US Dollar. The price even settled above the $8,200 level and the 100 hourly simple moving average. Moreover, the price climbed above the $8,300 level and finally tested the $8,350 area. A high was formed near $8,348 and recently the price started a downside correction.<\/p>\n<p>There was a break below the $8,200 support area. Additionally, the price traded below the 23.6% Fib retracement level of the upward move from the $7,770 low to $8,348 high. On the downside, there are a few key supports near the $8,100, $8,050 and $8,000 levels. An intermediate support is near the $8,080 level and the 100 hourly SMA. Besides, the 50% Fib retracement level of the upward move from the $7,770 low to $8,348 high is near the $8,060 level.<\/p>\n<p>Therefore, dips remain well supported on the downside near the $8,050 level. At the moment, there is a short term contracting triangle forming with resistance near $8,160 on the hourly chart of the BTC\/USD pair. If bitcoin breaks the $8,160 resistance, there are chances of a fresh increase above the $8,200 and $8,300 levels. Finally, a clear break above $8,350 might push the price towards the <a href=\"https:\/\/ktsl888.com\/2019\/10\/06\/bitcoin-btc-price-weekly-forecast-bears-remain-in-full-control\/\" target=\"_blank\" rel=\"noopener noreferrer \">key $8,500 resistance<\/a>.<\/p>\n<p>On the other hand, a downside break below $8,050 and the 100 hourly SMA might increase bearish pressure. The next key support is near $8,000 or the 61.8% Fib retracement level of the upward move from the $7,770 low to $8,348 high. Should there be a downside break below $8,000, the price could continue to move down.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-7.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-400878\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-7.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-7.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-7.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-7.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-7.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-7.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-7.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-7.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin is currently correcting lower below the $8,200 level. However, the $8,050 and $8,000 levels are important supports and the price is likely to bounce back in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move back into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly rising towards the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,050 followed by $8,000.<\/p>\n<p>Major Resistance Levels \u2013 $8,160, $8,200 and $8,350.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price formed a high near $8,348 and recently corrected lower against the US Dollar. The price is currently trading near the $8,120 level and it could test $8,050 or even $8,000. There is a short term contracting triangle forming with resistance near $8,160 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is likely to remain well bid above the $8,050 and $8,000 support levels in the near term. Bitcoin price is slowly declining below $8,200 against the US Dollar. However, BTC is likely to hold the $8,000 support and it could bounce back above $8,200. Bitcoin Price Analysis Yesterday, we saw a nice upward move in BTC above the $8,200 resistance area against the US Dollar. The price even settled above the $8,200 level and the 100 hourly simple moving average. Moreover, the price climbed above the $8,300 level and finally tested the $8,350 area. A high was formed near $8,348 and recently the price started a downside correction. There was a break below the $8,200 support area. Additionally, the price traded below the 23.6% Fib retracement level of the upward move from the $7,770 low to $8,348 high. On the downside, there are a few key supports near the $8,100, $8,050 and $8,000 levels. An intermediate support is near the $8,080 level and the 100 hourly SMA. Besides, the 50% Fib retracement level of the upward move from the $7,770 low to $8,348 high is near the $8,060 level. Therefore, dips remain well supported on the downside near the $8,050 level. At the moment, there is a short term contracting triangle forming with resistance near $8,160 on the hourly chart of the BTC\/USD pair. If bitcoin breaks the $8,160 resistance, there are chances of a fresh increase above the $8,200 and $8,300 levels. Finally, a clear break above $8,350 might push the price towards the key $8,500 resistance. On the other hand, a downside break below $8,050 and the 100 hourly SMA might increase bearish pressure. The next key support is near $8,000 or the 61.8% Fib retracement level of the upward move from the $7,770 low to $8,348 high. Should there be a downside break below $8,000, the price could continue to move down. Looking at the chart, bitcoin is currently correcting lower below the $8,200 level. However, the $8,050 and $8,000 levels are important supports and the price is likely to bounce back in the near term. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly rising towards the 50 level. Major Support Levels \u2013 $8,050 followed by $8,000. Major Resistance Levels \u2013 $8,160, $8,200 and $8,350.<\/p>\n","protected":false},"author":67,"featured_media":344599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-400877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price (BTC) Holding $8K and Likely To Bounce Back<\/title>\n<meta name=\"description\" content=\"Bitcoin price is slowly declining below $8,200 against the US Dollar. 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However, BTC is likely to hold the $8,000 support and it could bounce back above $8,200.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-09T06:00:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:30:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc5.jpg?fit=1200%2C600\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aayush Jindal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@twitter.com\/AayushJs\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aayush Jindal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/\"},\"author\":{\"name\":\"Aayush Jindal\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/1f8631be4d0868de3fd2f21f17d9ae70\"},\"headline\":\"Bitcoin Price (BTC) Holding $8K and Likely To Bounce Back\",\"datePublished\":\"2019-10-09T06:00:24+00:00\",\"dateModified\":\"2024-06-11T13:30:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/\"},\"wordCount\":413,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc5.jpg?fit=1200%2C600\",\"keywords\":[\"bitcoin\",\"btc\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/\",\"url\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/\",\"name\":\"Bitcoin Price (BTC) Holding $8K and Likely To Bounce Back\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc5.jpg?fit=1200%2C600\",\"datePublished\":\"2019-10-09T06:00:24+00:00\",\"dateModified\":\"2024-06-11T13:30:54+00:00\",\"description\":\"Bitcoin price is slowly declining below $8,200 against the US Dollar. 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However, BTC is likely to hold the $8,000 support and it could bounce back above $8,200.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ktsl888.com\/news\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Price (BTC) Holding $8K and Likely To Bounce Back","og_description":"Bitcoin price is slowly declining below $8,200 against the US Dollar. 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