{"id":402078,"date":"2019-10-23T06:00:08","date_gmt":"2019-10-23T06:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=402078"},"modified":"2024-06-11T13:31:24","modified_gmt":"2024-06-11T13:31:24","slug":"bitcoin-btc-price-approaching-key-support-bears-back-in-action","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-approaching-key-support-bears-back-in-action\/","title":{"rendered":"Bitcoin (BTC) Price Approaching Key Support, Bears Back In Action"},"content":{"rendered":"<ul>\n<li>Bitcoin price is declining after it failed to climb above the key $8,300 resistance against the US Dollar.<\/li>\n<li>The price is under pressure and it is now trading below the $8,000 support area.<\/li>\n<li>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).<\/li>\n<li>The price is approaching a major support area near $7,800, below which there could be a sharp decline.<\/li>\n<\/ul>\n<p><em>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.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, bitcoin made a few attempts to gain strength above the <a href=\"https:\/\/wncen.com\/2019\/10\/22\/bitcoin-btc-price-eyeing-8500\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,300 resistance area<\/a> against the US Dollar. BTC price even spiked above the $8,350 level, but it failed to continue higher.<\/p>\n<p>As a result, a swing high was formed near $8,323 and the price started a fresh decline. During the decline, there was a break below a couple of important supports near $8,100 and $8,200. Moreover, there was a break below a short term ascending channel with support near $8,240 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Finally, bitcoin traded below the $8,100 support area and settled below the 100 hourly simple moving average. It is now trading below the $8,000 level and a low was formed near $7,932.<\/p>\n<p>If there is an upside correction, an immediate resistance is near the $8,000 level. Additionally, the 23.6% Fib retracement level of the recent decline from the $8,323 high to $7,932 low is also near the $8,020 level to act as a resistance.<\/p>\n<p>If there is a decent recovery, the price could test the $8,100 resistance area (the previous support) and the 100 hourly SMA. Besides, the 50% Fib retracement level of the recent decline from the $8,323 high to $7,932 low is near $8,128.<\/p>\n<p>Therefore, the price must climb back above $8,100 and $8,120 to start a fresh increase towards the $8,250 and $8,300 resistance levels. Conversely, if there is no upside break above $8,120, the <a href=\"https:\/\/wncen.com\/2019\/10\/22\/bitcoin-btc-price-eyeing-8500\/\" target=\"_blank\" rel=\"noopener noreferrer \">price could continue to decline<\/a> in the near term.<\/p>\n<figure id=\"attachment_402079\" aria-describedby=\"caption-attachment-402079\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-19.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-402079\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-19.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-19.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-19.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-19.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-19.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-19.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-19.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-19.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-402079\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, 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.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently in the oversold area.<\/p>\n<p>Major Support Levels \u2013 $7,880 followed by $7,800.<\/p>\n<p>Major Resistance Levels \u2013 $8,020, $8,100 and $8,120.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 Analysis Recently, bitcoin made a few attempts to gain strength above the $8,300 resistance area against the US Dollar. BTC price even spiked above the $8,350 level, but it failed to continue higher. As a result, a swing high was formed near $8,323 and the price started a fresh decline. During the decline, there was a break below a couple of important supports near $8,100 and $8,200. Moreover, there was a break below a short term ascending channel with support near $8,240 on the hourly chart of the BTC\/USD pair. Finally, bitcoin traded below the $8,100 support area and settled below the 100 hourly simple moving average. It is now trading below the $8,000 level and a low was formed near $7,932. If there is an upside correction, an immediate resistance is near the $8,000 level. Additionally, the 23.6% Fib retracement level of the recent decline from the $8,323 high to $7,932 low is also near the $8,020 level to act as a resistance. If there is a decent recovery, the price could test the $8,100 resistance area (the previous support) and the 100 hourly SMA. Besides, the 50% Fib retracement level of the recent decline from the $8,323 high to $7,932 low is near $8,128. Therefore, the price must climb back above $8,100 and $8,120 to start a fresh increase towards the $8,250 and $8,300 resistance levels. Conversely, if there is no upside break above $8,120, the price could continue to decline in the near term. Looking 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 \u2013 The MACD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently in the oversold area. Major Support Levels \u2013 $7,880 followed by $7,800. Major Resistance Levels \u2013 $8,020, $8,100 and $8,120.<\/p>\n","protected":false},"author":67,"featured_media":328922,"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-402078","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 Approaching Key Support, Bears Back In Action<\/title>\n<meta name=\"description\" content=\"Bitcoin price is facing a fresh increase in selling pressure below $8,200 against the US Dollar. 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