{"id":404130,"date":"2019-11-13T06:00:28","date_gmt":"2019-11-13T06:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=404130"},"modified":"2024-06-11T12:50:10","modified_gmt":"2024-06-11T12:50:10","slug":"bitcoin-btc-price-eyeing-fresh-monthly-low-below-8-5k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-eyeing-fresh-monthly-low-below-8-5k\/","title":{"rendered":"Bitcoin (BTC) Price Eyeing Fresh Monthly Low Below $8.5K"},"content":{"rendered":"
Bitcoin price is struggling to gain ground above $8,800 against the US Dollar. Recently, BTC traded as low as $8,560 and it remains at a risk of more losses below $8,500.<\/em><\/p>\n In the past few days, there were lower lows formed in bitcoin after it settled below $9,000 against the US Dollar. BTC seems to be following a downtrend<\/a> below the $8,880 resistance area and the 100 hourly simple moving average.<\/p>\n The recent decline was such that the price traded below the $8,640 level. Moreover, there was a break below the $8,600 support and the price traded close to $8,550. A new monthly low was formed near $8,560 before the price recovered above $8,700.<\/p>\n However, the price seems to be facing a strong resistance near the $8,800 level and the 100 hourly simple moving average. At the moment, the price is declining and is trading below $8,780.<\/p>\n Besides, there was a break below the 23.6% Fib retracement level of the recent wave from the $8,560 low to $8,838 high. An immediate support is near the $8,700 level.<\/p>\n The 50% Fib retracement level of the recent wave from the $8,560 low to $8,838 high is also near the $8,700 level. If there is a downside break below $8,700, there is a risk of more downsides. The next support is near the $8,560 low.<\/p>\n Any further losses could push bitcoin below the key $8,500 support area<\/a>. In the mentioned bearish scenario, the price is likely to test the $8,300 support area in the near term.<\/p>\n On the upside, there are many resistances, starting with $8,800 and the 100 hourly SMA. More importantly, yesterday\u2019s major bearish trend line is active with resistance near $8,920 on the hourly chart of the BTC\/USD pair.<\/p>\nBitcoin Price Analysis<\/h2>\n