Bitcoin Price Crashes 8% and Wipes Weekly Gains, Dips Supported?

Dec 11, 2023 04:00 am Cryptocurrency 133

Bitcoin price started a sharp decline after trading close to $45,000. BTC is down over 8% but the bulls seem to be active above $40,000.

Bitcoin is showing a few bearish signs from the $44,699 high.

The price is trading below $43,500 and the 100 hourly Simple moving average.

There was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could find strong buying interest near the $40,000 zone.

Bitcoin Price Drops Heavily

Bitcoin price remained in a bullish zone after it broke the $40,000 resistance. BTC climbed higher steadily above the $42,000 and $43,000 levels. The price even rallied above $44,000.

However, it failed to test the $45,000 resistance. A high was formed near $44,699 and the price started a sharp downside correction. There was a move below the $44,000 level. Besides, there was a break below a key bullish trend ..

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