TA: Bitcoin Dives Below Key Support, Here’s Why BTC Bears Are Back

TA: Bitcoin Dives Below Key Support, Here’s Why BTC Bears Are Back


Bitcoin price failed to stay above the $54,000 support against the US Dollar. BTC is declining and it is likely to accelerate losses below the $50,000 support zone.

Bitcoin is declining from well above $55,000 and it broke the $53,500 support. The price is now trading well below $52,000 and the 100 hourly simple moving average. There was a break below a major declining channel with support near $52,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue lower below the $50,500 and $50,000 support levels. Bitcoin Price is Down 7%

Bitcoin attempted an upside break above the $55,500 level, but it failed. BTC traded as high as $55,493 and recently started a strong decline.

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There was a break below the $54,000 and $53,500 support levels. There was also a break below a major declining channel with support near $52,800 on the hourly chart of the BTC/USD pair.

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