{"id":404050,"date":"2019-11-12T14:00:00","date_gmt":"2019-11-12T14:00:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=404050"},"modified":"2024-06-11T12:50:49","modified_gmt":"2024-06-11T12:50:49","slug":"bitcoin-btc-price-primed-to-extend-losses-below-8-5k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-primed-to-extend-losses-below-8-5k\/","title":{"rendered":"Bitcoin (BTC) Price Primed To Extend Losses Below $8.5K"},"content":{"rendered":"<ul>\n<li>Bitcoin price is declining and it is now trading below the $8,800 level against the US Dollar.<\/li>\n<li>The price is trading with a bearish angle and it is likely to tumble below $8,600 and $8,500.<\/li>\n<li>Today\u2019s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>A clear break below $8,600 is likely to push the price below $8,500 and $8,450.<\/li>\n<\/ul>\n<p><em>Bitcoin price is setting up for another dive below $8,600 against the US Dollar. BTC could even struggle to hold $8,500, considering the current bearish formation.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In morning, we discussed the <a href=\"https:\/\/uniquehot.com\/2019\/11\/12\/bitcoin-btc-price-turned-sell-on-rallies-towards-9k\/\" target=\"_blank\" rel=\"noopener noreferrer \">chances of more losses and sell opportunities<\/a> for bitcoin below $9,000 against the US Dollar. BTC remained in a bearish zone and it failed to break the $8,850 resistance area.<\/p>\n<p>Additionally, the price is now trading well below the $8,800 and the 100 hourly simple moving average. It seems like the price failed to capitalize above the 23.6% Fib retracement level of the last drop from the $9,150 high to $8,610 low.<\/p>\n<p>More importantly, the price was rejected near the 50% Fib retracement level of the last drop from the $9,150 high to $8,610 low. Bitcoin is now trading below the $8,750 level and is following a bearish path.<\/p>\n<p>Recently, there was a break below a contracting triangle with support near $8,730 on the hourly chart of the BTC\/USD pair. Therefore, there is a <a href=\"https:\/\/uniquehot.com\/2019\/11\/11\/bitcoin-btc-price-rebound-facing-key-resistance-near-9100\/\" target=\"_blank\" rel=\"noopener noreferrer \">risk of more downsides<\/a> below the $8,650 and $8,600 levels.<\/p>\n<p>In the mentioned bearish case, there is a risk of a sharp breakdown even below the $8,500 support. On the upside, an initial resistance for the bulls is near the $8,820 level and the 100 hourly SMA.<\/p>\n<p>However, the main resistance is near the $8,850 and $8,950 levels. Besides, today\u2019s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>If there is a nice upward move above the $8,850 and $8,950 resistance levels, the price may perhaps start a fresh increase towards $9,200 and $9,500 in the coming days.<\/p>\n<figure id=\"attachment_404051\" aria-describedby=\"caption-attachment-404051\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-10.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-404051\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-10.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-10.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-10.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-10.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-10.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-10.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-10.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/Bitcoin-10.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-404051\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin is clearly sliding and is trading well below the $8,850 resistance area. Thus, the bears remain in control and any recovery is likely to face resistance near $8,820, $8,850 and $8,950. On the downside, the bulls might be keeping a close eye on the $8,500 zone.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and is trading below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $8,600 followed by $8,500.<\/p>\n<p>Major Resistance Levels \u2013 $8,820, $8,850 and $8,950.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is declining and it is now trading below the $8,800 level against the US Dollar. The price is trading with a bearish angle and it is likely to tumble below $8,600 and $8,500. Today\u2019s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC\/USD pair (data feed from Kraken). A clear break below $8,600 is likely to push the price below $8,500 and $8,450. Bitcoin price is setting up for another dive below $8,600 against the US Dollar. BTC could even struggle to hold $8,500, considering the current bearish formation. Bitcoin Price Analysis In morning, we discussed the chances of more losses and sell opportunities for bitcoin below $9,000 against the US Dollar. BTC remained in a bearish zone and it failed to break the $8,850 resistance area. Additionally, the price is now trading well below the $8,800 and the 100 hourly simple moving average. It seems like the price failed to capitalize above the 23.6% Fib retracement level of the last drop from the $9,150 high to $8,610 low. More importantly, the price was rejected near the 50% Fib retracement level of the last drop from the $9,150 high to $8,610 low. Bitcoin is now trading below the $8,750 level and is following a bearish path. Recently, there was a break below a contracting triangle with support near $8,730 on the hourly chart of the BTC\/USD pair. Therefore, there is a risk of more downsides below the $8,650 and $8,600 levels. In the mentioned bearish case, there is a risk of a sharp breakdown even below the $8,500 support. On the upside, an initial resistance for the bulls is near the $8,820 level and the 100 hourly SMA. However, the main resistance is near the $8,850 and $8,950 levels. Besides, today\u2019s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC\/USD pair. If there is a nice upward move above the $8,850 and $8,950 resistance levels, the price may perhaps start a fresh increase towards $9,200 and $9,500 in the coming days. Looking at the chart, bitcoin is clearly sliding and is trading well below the $8,850 resistance area. Thus, the bears remain in control and any recovery is likely to face resistance near $8,820, $8,850 and $8,950. On the downside, the bulls might be keeping a close eye on the $8,500 zone. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and is trading below the 40 level. Major Support Levels \u2013 $8,600 followed by $8,500. Major Resistance Levels \u2013 $8,820, $8,850 and $8,950.<\/p>\n","protected":false},"author":67,"featured_media":404052,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-404050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Primed To Extend Losses Below $8.5K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is setting up for another dive below $8,600 against the US Dollar. 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