Bitcoin (BTC) Bears Remain In Driver’s Seat But Bulls Not Done Yet

Bitcoin (BTC) price is slowly approaching crucial supports against the US Dollar. BTC bears need to be very careful once the price reaches the $6,200 support area.

Bitcoin Price Analysis

After a daily close below the $7,000 support, bitcoin extended its decline against the US Dollar. BTC price traded below the $6,800 support area and settled well below the 100 hourly simple moving average.

The recent decline was such that the price even traded below the $6,600 support. It traded close to the $6,500 support area and a new monthly low was formed near $6,565.

The price is currently correcting higher and trading above $6,600. Moreover, there was a break above the 23.6% Fib retracement level of the recent slide from the $6,940 high to $6,565 low. Read More...


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