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Bitcoin (BTC) Price Approaching Key Support, Bears Back In Action

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Bitcoin (BTC) Price Approaching Key Support, Bears Back In Action

Bitcoin price is declining after it failed to climb above the key $8,300 resistance against the US Dollar.The price is under pressure and it is now trading below the $8,000 support area.There was a break below a connecting bullish trend line with support near $8,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is approaching a major support area near $7,800, below which there could be a sharp decline.Bitcoin price is facing a fresh increase in selling pressure below $8,200 against the US Dollar. BTC price could accelerate losses if it fails to stay above $7,800.Bitcoin Price AnalysisRecently, bitcoin made a few attempts to gain strength above the Bitcoin PriceLooking at the chart, bitcoin is clearly struggling below $8,020 and $8,120. An immediate support is near the $7,800 area. If the bulls fail to defend the $7,800 support area, there is a risk of a breakdown. The next major support is near the $7,500 area, where the bulls may take a stand.Technical indicators:Hourly MACD – The MACD is gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold area.Major Support Levels – $7,880 followed by $7,800.Major Resistance Levels – $8,020, $8,100 and $8,120.

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Author: Aayush Jindal

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