{"id":402279,"date":"2019-10-25T06:00:31","date_gmt":"2019-10-25T06:00:31","guid":{"rendered":"https:\/\/ktsl888.com\/?p=402279"},"modified":"2024-06-11T13:31:28","modified_gmt":"2024-06-11T13:31:28","slug":"bitcoin-btc-price-primed-for-additional-losses","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-price-primed-for-additional-losses\/","title":{"rendered":"Bitcoin (BTC) Price Primed For Additional Losses Below $7.2K"},"content":{"rendered":"<ul>\n<li>Bitcoin price is showing bearish signs and still trading below $7,500 against the US Dollar.<\/li>\n<li>The price is facing a lot of hurdles on the upside near $7,500 and $7,600.<\/li>\n<li>There is a major bearish trend line forming with resistance near $7,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could decline further below $7,300 if it continues to struggle near $7,500.<\/li>\n<\/ul>\n<p><em>Bitcoin price is facing an uphill task near $7,500 and $7,600 against the US Dollar. BTC could decline below $7,300 and $7,200 in the near term.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, there was a <a href=\"https:\/\/ktsl888.com\/2019\/10\/24\/bitcoin-btc-price-wont-go-quietly-risk-of-bounce-grows\/\" target=\"_blank\" rel=\"noopener noreferrer \">sharp decline<\/a> in bitcoin below the $7,800 support area against the US Dollar. As a result, there was a significant drop in BTC price below the main $7,500 support area.<\/p>\n<p>Moreover, there was a close below $7,800 and the 100 hourly simple moving average. Finally, the price traded close to $7,300 and formed a new monthly low at $7,302. It is currently consolidating losses and is trading above the $7,400 level.<\/p>\n<p>On the upside, there are <a href=\"https:\/\/ktsl888.com\/2019\/10\/23\/bitcoin-btc-price-approaching-key-support-bears-back-in-action\/\" target=\"_blank\" rel=\"noopener noreferrer \">many key resistances<\/a> for buyers near the $7,500 and $7,600 levels. Additionally, the 23.6% Fib retracement level of the downward move from the $8,327 high to $7,302 low is also near the $7,540 level.<\/p>\n<p>More importantly, there is a major bearish trend line forming with resistance near $7,500 on the hourly chart of the BTC\/USD pair. If there is a break above the trend line, the price could face resistance near the $7,600 level.<\/p>\n<p>If there are more upsides, bitcoin may perhaps recover towards the key $7,800 resistance or the 50% Fib retracement level of the downward move from the $8,327 high to $7,302 low. The 100 hourly SMA is also near the $7,880 level to act as a resistance.<\/p>\n<p>Conversely, if the price continues to struggle near $7,500 and $7,600, there could be another decline. An immediate support is near the $7,350 level. If there is a downside break below $7,350, the price could decline towards $7,200 or even $7,120.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-402280\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.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 clearly facing a lot of hurdles near $7,500 and $7,600. Even if there is a break above $7,600, the $7,800 area is a strong barrier for the bulls. Therefore, there are chances of another decline below the $7,302 low in the coming sessions. The next major support is near the $7,050 and $7,000 levels.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,350 followed by $7,300.<\/p>\n<p>Major Resistance Levels \u2013 $7,500, $7,600 and $7,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is showing bearish signs and still trading below $7,500 against the US Dollar. The price is facing a lot of hurdles on the upside near $7,500 and $7,600. There is a major bearish trend line forming with resistance near $7,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could decline further below $7,300 if it continues to struggle near $7,500. Bitcoin price is facing an uphill task near $7,500 and $7,600 against the US Dollar. BTC could decline below $7,300 and $7,200 in the near term. Bitcoin Price Analysis Yesterday, there was a sharp decline in bitcoin below the $7,800 support area against the US Dollar. As a result, there was a significant drop in BTC price below the main $7,500 support area. Moreover, there was a close below $7,800 and the 100 hourly simple moving average. Finally, the price traded close to $7,300 and formed a new monthly low at $7,302. It is currently consolidating losses and is trading above the $7,400 level. On the upside, there are many key resistances for buyers near the $7,500 and $7,600 levels. Additionally, the 23.6% Fib retracement level of the downward move from the $8,327 high to $7,302 low is also near the $7,540 level. More importantly, there is a major bearish trend line forming with resistance near $7,500 on the hourly chart of the BTC\/USD pair. If there is a break above the trend line, the price could face resistance near the $7,600 level. If there are more upsides, bitcoin may perhaps recover towards the key $7,800 resistance or the 50% Fib retracement level of the downward move from the $8,327 high to $7,302 low. The 100 hourly SMA is also near the $7,880 level to act as a resistance. Conversely, if the price continues to struggle near $7,500 and $7,600, there could be another decline. An immediate support is near the $7,350 level. If there is a downside break below $7,350, the price could decline towards $7,200 or even $7,120. Looking at the chart, bitcoin is clearly facing a lot of hurdles near $7,500 and $7,600. Even if there is a break above $7,600, the $7,800 area is a strong barrier for the bulls. Therefore, there are chances of another decline below the $7,302 low in the coming sessions. The next major support is near the $7,050 and $7,000 levels. Technical indicators: Hourly MACD \u2013 The MACD is about to move back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Levels \u2013 $7,350 followed by $7,300. Major Resistance Levels \u2013 $7,500, $7,600 and $7,800.<\/p>\n","protected":false},"author":67,"featured_media":328924,"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-402279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Primed For Additional Losses Below $7.2K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is facing an uphill task near $7,500 and $7,600 against the US Dollar. 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