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Bitcoin (BTC) Relatively Muted; Support Estimated Near $8.2K
Bitcoin price is trading below a few important resistances near $8,700 against the US Dollar.The price is somehow holding the $8,420 and $8,375 support levels.There is a major bearish trend line forming with resistance near $8,525 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is currently correcting higher, but sellers are likely to protect $8,575 or $8,660.Bitcoin price is consolidating below key resistances against the US Dollar. BTC could decline further, but the $8,200 support might protect sharp losses.Bitcoin Price AnalysisAfter struggling to clear the $8,600 and $8,660 resistance levels, Bitcoin PriceLooking at the chart, bitcoin is clearly facing a lot of hurdles on the upside near $8,525 and $8,600. Thus, the bulls might continue to struggle unless they gain strength to surpass $8,600 and $8,600 in the near term.Technical indicators:Hourly MACD – The MACD is currently gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level, with a bearish angle.Major Support Levels – $8,420 followed by $8,375.Major Resistance Levels – $8,525, $8,600 and $8,660.
Author: Aayush Jindal
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