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Bitcoin Price Analysis: BTC/USD bears break critical $8500 support

  • Bitcoin price is trading in negative territory, down 3.70% in the second half of the session. 
  • BTC/USD bears manage to break down the critical barrier of support at $8500. 
  • Following eight sessions of consolidation, the bears are taking back control. 
Bitcoin Price Analysis: BTC/USD bears break critical $8500 support
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

Critical support at $8500 has been exposed, making way for further downside pressure, to reverse the upside move of last week. 

BTC/USD 60-minute chart

Price action has breached a bearish pennant structure, as the bears resume control. 

Spot rate:                8338.49

Relative change:    -3.70%

High:                        8663.76   

Low:                         8292.00

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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