{"id":397052,"date":"2019-09-25T06:00:54","date_gmt":"2019-09-25T06:00:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=397052"},"modified":"2024-06-11T13:23:32","modified_gmt":"2024-06-11T13:23:32","slug":"bitcoin-price-btc-decline-far-from-over-bears-eye-7-5k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-btc-decline-far-from-over-bears-eye-7-5k\/","title":{"rendered":"Bitcoin Price (BTC) Decline Far From Over, Bears Eye $7.5K"},"content":{"rendered":"
Bitcoin price nosedived below $9,000 and tested $8,050 against the US Dollar. BTC remains at a risk of more downsides as long as it is below $9,000.<\/em><\/p>\n Yesterday, we saw a breakdown in bitcoin<\/a> below the $10,000 support area against the US Dollar. The price remained in a bearish zone and broke many supports near $9,800 and $9,500. Moreover, there was a break below the $9,000 support and the 100 hourly simple moving average. Finally, the price traded close to the $8,000 level and registered a nasty decline. A low was formed near $8,055 and the price is currently correcting higher.<\/p>\n There was a break above the $8,250 and $8,400 levels. Moreover, the price traded above the 23.6% Fib retracement level of the recent decline from the $9,779 high to $8,055 low. However, the $8,750 level is acting as a strong resistance<\/a>. The next resistance is near the $8,920 level. It coincides with the 50% Fib retracement level of the recent decline from the $9,779 high to $8,055 low.<\/p>\n If there is an upside break above $9,000, the price could recover towards the $9,400 and $9,500 resistance levels. Additionally, there is a crucial bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC\/USD pair. An intermediate resistance is near $9,120 and the 61.8% Fib retracement level of the recent decline from the $9,779 high to $8,055 low.<\/p>\n On the other hand, if the price continues to struggle near $8,750 and $9,000, it could resume its decline. An immediate support is near the $8,400 level, below which it could test $8,250. If the bears remain in action, there is a chances of a break below $8,000. The next major support is near the $7,500 level.<\/p>\nBitcoin Price Analysis<\/h2>\n