Bitcoin Price Watch: BTC/USD Primed for Losses


Key Elements

  • Bitcoin price failed to hold a vital help at $6,550 and declined sharply in direction of the US Dollar.
  • There was a break underneath a key bullish growth line with help at $6,580 on the hourly chart of the BTC/USD pair (info feed from Kraken).
  • The pair is presently consolidating near the $6,300 stage and it stays at a hazard of additional declines.

Bitcoin price tumbled sharply underneath $6,550 in direction of the US Dollar. BTC/USD would possibly proper various components, nevertheless later it would resume its decline underneath $6,300 throughout the near time interval.

Bitcoin Price Analysis

Bitcoin price confronted an elevated selling stress above $6,600 in direction of the US Dollar. The BTC/USD pair started a draw again switch and broke a major help at $6,550. It opened the doorways for further losses and the worth declined by higher than $250. It seems as if a short-term prime was formed at $6,800 and the worth would possibly pace up declines throughout the near time interval.

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