Bitcoin Price Nosedives and Turns Attractive To Sellers On Recovery

Aug 18, 2023 04:00 am Cryptocurrency 122

Bitcoin price tumbled below the $28,400 support. BTC tested $24,800 and is currently attempting a recovery wave toward $27,000.

Bitcoin is down over 6% and trading below the $27,000 support zone.

The price is trading below $26,800 and the 100 hourly Simple moving average.

There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down and trade below the $25,800 support.

Bitcoin Price Breaks Support

Bitcoin price started a fresh decline after it failed to stay above the $28,400 support zone. BTC declined heavily after it broke the $28,000 support zone.

It is down over 6% and there was a spike below the $25,500 support zone. A low is formed near $24,800 and the price is now attempting a recovery wave. It recovered above the $25,000 and $26,000 levels. However, the bears are now protecting the 50% Fib retracement level of the ..

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