Bitcoin Reaches Crucial Juncture: Here’s What Could Trigger A Sharp Decline

Bitcoin Reaches Crucial Juncture: Here’s What Could Trigger A Sharp Decline


Bitcoin price extended its rise above the $10,800 resistance against the US Dollar. However, BTC is struggling to clear the all-important $11,000 barrier and it could decline sharply.

Bitcoin traded above the $10,700 and $10,800 resistance levels. The price is still trading well below the $11,000 barrier, but above the 100 hourly simple moving average. There is a crucial contracting triangle forming with resistance near $10,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either break the $11,000 barrier or decline sharply below the $10,650 support region. Bitcoin Price is Approaching Crucial Resistance

There was an upside extension in bitcoin price above the $10,700 resistance against the US Dollar. BTC even broke the $10,800 resistance level and settled nicely above the 100 hourly simple moving average.

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The price traded as high as $10,935 and it seems like the $11,000 barrier is already in play. Bitcoin is down more than $200 from the

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