{"id":402181,"date":"2019-10-24T06:00:23","date_gmt":"2019-10-24T06:00:23","guid":{"rendered":"https:\/\/ktsl888.com\/?p=402181"},"modified":"2024-06-11T13:31:26","modified_gmt":"2024-06-11T13:31:26","slug":"bitcoin-btc-price-wont-go-quietly-risk-of-bounce-grows","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-price-wont-go-quietly-risk-of-bounce-grows\/","title":{"rendered":"Bitcoin (BTC) Price Won’t Go Quietly, Risk of Bounce Grows"},"content":{"rendered":"
Bitcoin price is down around $1,000 this week against the US Dollar. BTC bears need to be careful as there could be a nice recovery in the near term.<\/em><\/p>\n This week, bitcoin failed to clear the $8,300 resistance area against the US Dollar. BTC price started a fresh decline and broke many support near the $8,000 handle<\/a>.<\/p>\n As a result, the bears took control and the price dived more than 8% in the past three sessions. It broke the $7,800 and $7,600 supports levels. Moreover, there was a clear break below $7,500 and the price settled below the 100 hourly simple moving average.<\/p>\n Finally, a new monthly low was formed near $7,302 and the price is currently correcting higher. It recovered above the $7,400 level, plus the 23.6% Fib retracement level of the recent decline from the $8,021 high to $7,302 low.<\/p>\n At the moment, the price is consolidating above the $7,400 and is facing hurdles. An immediate resistance is near the $7,440 level. Additionally, there are two connecting bearish trend lines forming with resistance near $7,450 and $7,660 on the hourly chart of the BTC\/USD pair.<\/p>\n The second trend line coincides with the 50% Fib retracement level of the recent decline from the $8,021 high to $7,302 low. If there is an upside break above the $7,660 resistance, the price could recover towards the $7,800 and $7,880 resistance levels (the previous supports<\/a>).<\/p>\n On the downside, the $7,380 level is an immediate support. If there is a downside break below $7,380, the price could revisit the $7,300 support area. Any further losses are likely to call for a push towards the $7,200 and $7,120 levels.<\/p>\nBitcoin Price Analysis<\/h2>\n