{"id":406896,"date":"2019-12-11T06:00:26","date_gmt":"2019-12-11T06:00:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=406896"},"modified":"2024-06-11T13:35:06","modified_gmt":"2024-06-11T13:35:06","slug":"bitcoin-btc-price-downside-thrust-underway-bulls-struggling","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-downside-thrust-underway-bulls-struggling\/","title":{"rendered":"Bitcoin (BTC) Price Downside Thrust Underway, Bulls Struggling"},"content":{"rendered":"<ul>\n<li>Bitcoin price failed to stay above the $7,400 support and declined recently against the US Dollar.<\/li>\n<li>The price is trading below $7,280 and it could even decline below the $7,160 support.<\/li>\n<li>There is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair remains at a risk of a downside thrust below $7,160 and $7,040 in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing a few bearish signs below $7,280 against the US Dollar. BTC is likely to continue lower below $7,160 unless it climbs above $7,400.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/uniquehot.com\/2019\/12\/10\/bitcoin-btc-turns-short-term-bearish-but-holding-key-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">downside break<\/a> in bitcoin price below the $7,400 support against the US Dollar. BTC price broke many supports near $7,320 and settled below the 100 hourly simple moving average.<\/p>\n<p>Moreover, the bears were able to push the price below the $7,280 support area. Finally, the price traded below the $7,200 support and tested the $7,160 support zone.<\/p>\n<p>A low was formed near $7,159 and the price is currently correcting higher. An immediate resistance is near the $7,240 and $7,250 levels. Besides, there is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Above the channel resistance, the $7,280 level is a key resistance. Additionally, the 23.6% Fib retracement level of the recent drop from the $7,664 high to $7,159 low.<\/p>\n<p>If bitcoin manages to recover above $7,240 and $7,280, the price could climb towards the next major resistance near the $7,400 area. More importantly, the 50% Fib retracement level of the recent drop from the $7,664 high to $7,159 low is also near the $7,410 level to stop the bulls.<\/p>\n<p>If the bulls succeed in clearing the $7,400 resistance area, the price could surge towards $7,660 or $7,700. On the other hand, the <a href=\"https:\/\/uniquehot.com\/2019\/12\/05\/bitcoin-btc-could-rise-again-before-fresh-monthly-low\/\" target=\"_blank\" rel=\"noopener noreferrer \">price may perhaps continue to move down<\/a> below $7,200.<\/p>\n<p>An immediate support is near $7,160, below which the price is likely to accelerate towards $7,040 or $7,000 in the near term. Any further losses might call for a test of the $6,600 area.<\/p>\n<figure id=\"attachment_406897\" aria-describedby=\"caption-attachment-406897\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-9.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-406897\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-9.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-9.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-9.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-9.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-9.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-9.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-9.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-9.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-406897\" 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 facing an increase in selling below $7,400 and $7,280. As long as it is trading below $7,400, there remains a risk of another drop below $7,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is showing negative signs in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,160 followed by $7,040.<\/p>\n<p>Major Resistance Levels \u2013 $7,280, $7,400 and $7,420.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to stay above the $7,400 support and declined recently against the US Dollar. The price is trading below $7,280 and it could even decline below the $7,160 support. There is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair remains at a risk of a downside thrust below $7,160 and $7,040 in the near term. Bitcoin price is showing a few bearish signs below $7,280 against the US Dollar. BTC is likely to continue lower below $7,160 unless it climbs above $7,400. Bitcoin Price Analysis Yesterday, we saw a downside break in bitcoin price below the $7,400 support against the US Dollar. BTC price broke many supports near $7,320 and settled below the 100 hourly simple moving average. Moreover, the bears were able to push the price below the $7,280 support area. Finally, the price traded below the $7,200 support and tested the $7,160 support zone. A low was formed near $7,159 and the price is currently correcting higher. An immediate resistance is near the $7,240 and $7,250 levels. Besides, there is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC\/USD pair. Above the channel resistance, the $7,280 level is a key resistance. Additionally, the 23.6% Fib retracement level of the recent drop from the $7,664 high to $7,159 low. If bitcoin manages to recover above $7,240 and $7,280, the price could climb towards the next major resistance near the $7,400 area. More importantly, the 50% Fib retracement level of the recent drop from the $7,664 high to $7,159 low is also near the $7,410 level to stop the bulls. If the bulls succeed in clearing the $7,400 resistance area, the price could surge towards $7,660 or $7,700. On the other hand, the price may perhaps continue to move down below $7,200. An immediate support is near $7,160, below which the price is likely to accelerate towards $7,040 or $7,000 in the near term. Any further losses might call for a test of the $6,600 area. Looking at the chart, bitcoin price is facing an increase in selling below $7,400 and $7,280. As long as it is trading below $7,400, there remains a risk of another drop below $7,000. Technical indicators: Hourly MACD \u2013 The MACD is showing negative signs in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 50 level. Major Support Levels \u2013 $7,160 followed by $7,040. Major Resistance Levels \u2013 $7,280, $7,400 and $7,420.<\/p>\n","protected":false},"author":67,"featured_media":404274,"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-406896","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 Downside Thrust Underway, Bulls Struggling<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing a few bearish signs below $7,280 against the US Dollar. 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