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Bitcoin Technical Analysis: BTC/USD took a big beating from the aggressive bears, as door is left open for further selling pressure

Bitcoin price was hammered during the early hours of Thursday, dropping over 5%.
BTC/USD bears have cleared a near-term key demand area, that was minimizing downside, $6500.

Ken Chigbo Independent Analyst

BTC/USD 60-minute chart

Spot rate: 6295.1

Relative change: - 5.05%

High: 6630.1

Low: 6252.0

Trend: Bearish

Support 1: 6160.0, support on 60-minute chart.

Support 2: 6100.0, demand zone.

Support 3: 5800.0, bottom of the buying range, key leve.

Resistance 1: 6230.5, resistance on 60-minute chart.

Resistance 2: 6250.0, supply area.

Resistance 3: 6400-500.0, prior strong demand area, new supply.

Author

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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