{"id":379952,"date":"2019-04-27T04:08:20","date_gmt":"2019-04-27T04:08:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=379952"},"modified":"2024-06-11T13:39:33","modified_gmt":"2024-06-11T13:39:33","slug":"bitcoin-btc-price-weakness-sell-rallies","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-weakness-sell-rallies\/","title":{"rendered":"Bitcoin (BTC) Price Showing Signs of Weakness, Sell Rallies?"},"content":{"rendered":"
Bitcoin price dropped heavily after tether\u2019s drama and settled below $5,380 against the US Dollar. BTC could consolidate in the short term before a fresh decrease to $5,000.<\/em><\/p>\n Yesterday, we saw a sharp decline<\/a> in bitcoin price below the $5,380 and $5,280 supports against the US Dollar. The BTC\/USD pair even broke the $5,200 support and spiked below the $5,000 level. A new swing low was formed near $4,912 and recently the price corrected higher. However, the $5,280 and $5,250 levels acted as hurdles, and the price remained well below the 100 hourly simple moving average. After the price failed to clear $5,280, there was a drop below the $5,200 level.<\/p>\n The price declined below the 50% Fib retracement level of the last wave from the $4,913 swing low to $5,292 high. However, the $5,050 support prevented additional losses and the price recovered recently. Besides, the 61.8% Fib retracement level of the last wave from the $4,913 swing low to $5,292 high acted as a support. At the moment, the price is correcting higher, but facing a lot of hurdles near $5,160, $5,180 and $5,200. There is also a short term declining channel forming with resistance near $5,160 on the hourly chart of the BTC\/USD pair.<\/p>\n If there is an upside break above $5,160, the price could test the $5,200 resistance. However, the price must move above the $5,250 and $5,280 levels to start a strong upward move<\/a>. If it continues to struggle near $5,280, there is a risk of another dip below $5,120 and $5,100 in the near term. The next key support is at $5,050, below which there is a risk of a drop below the $5,000 support.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n