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...