Bitcoin Price Is Showing Early Signs of Fresh Drop, $27,200 Is The Key

Oct 6, 2023 04:00 am Cryptocurrency 88

Bitcoin price is struggling to rise above the $27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone.

Bitcoin is struggling to start a fresh increase above the $27,800 resistance zone.

The price is trading below $27,700 and the 100 hourly Simple moving average.

There was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start another decline if there is a close below the $27,200 support.

Bitcoin Price Faces Uphill Task

Bitcoin price attempted a fresh increase from the $27,200 support zone after a downside correction. BTC managed to recover above the $27,500 resistance zone.

The price climbed above the 50% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. However, the bears remained active near the $28,000 resistance zone. The price struggled to ..

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