{"id":406727,"date":"2019-12-10T06:00:28","date_gmt":"2019-12-10T06:00:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=406727"},"modified":"2024-06-11T13:35:02","modified_gmt":"2024-06-11T13:35:02","slug":"bitcoin-btc-turns-short-term-bearish-but-holding-key-support","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/","title":{"rendered":"Bitcoin (BTC) Turns Short Term Bearish But Holding Key Support"},"content":{"rendered":"<ul>\n<li>Bitcoin price traded to a new weekly high at $7,664 and declined recently against the US Dollar.<\/li>\n<li>The price is now trading below the $7,420 and $7,400 support levels.<\/li>\n<li>There is a key bearish trend line forming with resistance near $7,525 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to climb higher, but it could face resistance near $7,420 or $7,500.<\/li>\n<\/ul>\n<p><em>Bitcoin price is back in a short-term bearish zone below $7,400 against the US Dollar. BTC must stay above $7,280 to climb high again in the near term.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we discussed the chances of an <a href=\"https:\/\/uniquehot.com\/2019\/12\/09\/bitcoin-btc-target-fresh-high-or-8k\/\" target=\"_blank\" rel=\"noopener noreferrer \">upside extension<\/a> in bitcoin price above $7,500 against the US Dollar. BTC price did climb higher above the $7,500 resistance and the 100 hourly simple moving average.<\/p>\n<p>Moreover, there was a spike above the $7,600 level, but the price failed to test the $7,700 resistance area. A new weekly high is formed near $7,664 and the price declined recently.<\/p>\n<p>It traded below the $7,500 pivot level and the 100 hourly simple moving average. Besides, there was a break below the $7,420 and $7,400 support levels. More importantly, bitcoin price traded below a connecting bullish trend line with support near $7,460 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Finally, the price spiked below $7,300 and traded as low as $7,257. It is currently correcting higher above the 23.6% Fib retracement level of the recent decline from the $7,664 high to $7,257 low.<\/p>\n<p>On the upside, there are a <a href=\"https:\/\/uniquehot.com\/2019\/12\/08\/bitcoin-weekly-forecast-btc-bounce\/\" target=\"_blank\" rel=\"noopener noreferrer \">few important resistances<\/a> near $7,400 and $7,420 (the previous support levels). The next key resistance is near the $7,460 level and the 100 hourly SMA.<\/p>\n<p>Additionally, the 50% Fib retracement level of the recent decline from the $7,664 high to $7,257 low is near the $7,460 level to act as a resistance. There is also a key bearish trend line forming with resistance near $7,525 on the same chart.<\/p>\n<p>Therefore, an upward move towards the $7,460 and $7,500 levels may perhaps face a strong resistance. If there is an upside break above $7,500, the price could revisit $7,460 or $7,700.<\/p>\n<figure id=\"attachment_406728\" aria-describedby=\"caption-attachment-406728\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-406728\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-8.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-8.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-8.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-8.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-8.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-8.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-8.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-406728\" 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 price is back in a short-term bearish zone below $7,420. If it recovers and settles above $7,420, it may perhaps attempt to surpass $7,500. On the downside, the $7,280 and $7,250 levels hold the key in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving back into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering and above the 40 level.<\/p>\n<p>Major Support Levels \u2013 $7,280 followed by $7,250.<\/p>\n<p>Major Resistance Levels \u2013 $7,420, $7,460 and $7,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price traded to a new weekly high at $7,664 and declined recently against the US Dollar. The price is now trading below the $7,420 and $7,400 support levels. There is a key bearish trend line forming with resistance near $7,525 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to climb higher, but it could face resistance near $7,420 or $7,500. Bitcoin price is back in a short-term bearish zone below $7,400 against the US Dollar. BTC must stay above $7,280 to climb high again in the near term. Bitcoin Price Analysis Yesterday, we discussed the chances of an upside extension in bitcoin price above $7,500 against the US Dollar. BTC price did climb higher above the $7,500 resistance and the 100 hourly simple moving average. Moreover, there was a spike above the $7,600 level, but the price failed to test the $7,700 resistance area. A new weekly high is formed near $7,664 and the price declined recently. It traded below the $7,500 pivot level and the 100 hourly simple moving average. Besides, there was a break below the $7,420 and $7,400 support levels. More importantly, bitcoin price traded below a connecting bullish trend line with support near $7,460 on the hourly chart of the BTC\/USD pair. Finally, the price spiked below $7,300 and traded as low as $7,257. It is currently correcting higher above the 23.6% Fib retracement level of the recent decline from the $7,664 high to $7,257 low. On the upside, there are a few important resistances near $7,400 and $7,420 (the previous support levels). The next key resistance is near the $7,460 level and the 100 hourly SMA. Additionally, the 50% Fib retracement level of the recent decline from the $7,664 high to $7,257 low is near the $7,460 level to act as a resistance. There is also a key bearish trend line forming with resistance near $7,525 on the same chart. Therefore, an upward move towards the $7,460 and $7,500 levels may perhaps face a strong resistance. If there is an upside break above $7,500, the price could revisit $7,460 or $7,700. Looking at the chart, bitcoin price is back in a short-term bearish zone below $7,420. If it recovers and settles above $7,420, it may perhaps attempt to surpass $7,500. On the downside, the $7,280 and $7,250 levels hold the key in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering and above the 40 level. Major Support Levels \u2013 $7,280 followed by $7,250. Major Resistance Levels \u2013 $7,420, $7,460 and $7,500.<\/p>\n","protected":false},"author":67,"featured_media":328923,"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-406727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Turns Short Term Bearish But Holding Key Support<\/title>\n<meta name=\"description\" content=\"Bitcoin price is back in a short-term bearish zone below $7,400 against the US Dollar. 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BTC must stay above $7,280 to climb high again in the near term.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-10T06:00:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:35:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/04\/techanalysis-btc2.jpg?fit=1200%2C600\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aayush Jindal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@twitter.com\/AayushJs\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aayush Jindal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/\"},\"author\":{\"name\":\"Aayush Jindal\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/1f8631be4d0868de3fd2f21f17d9ae70\"},\"headline\":\"Bitcoin (BTC) Turns Short Term Bearish But Holding Key Support\",\"datePublished\":\"2019-12-10T06:00:28+00:00\",\"dateModified\":\"2024-06-11T13:35:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/\"},\"wordCount\":417,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/04\/techanalysis-btc2.jpg?fit=1200%2C600\",\"keywords\":[\"bitcoin\",\"btc\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/\",\"url\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/\",\"name\":\"Bitcoin (BTC) Turns Short Term Bearish But Holding Key Support\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/04\/techanalysis-btc2.jpg?fit=1200%2C600\",\"datePublished\":\"2019-12-10T06:00:28+00:00\",\"dateModified\":\"2024-06-11T13:35:02+00:00\",\"description\":\"Bitcoin price is back in a short-term bearish zone below $7,400 against the US Dollar. 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