Bitcoin Price Reaches Key Juncture, Is This Bears Trap or Fresh Decline

Oct 4, 2023 04:00 am Cryptocurrency 87

Bitcoin price started a downside correction below $28,000. BTC is now testing the $27,200 support and might start a fresh increase in the near term.

Bitcoin is moving lower below the $28,000 and $27,800 support levels.

The price is trading below $27,500 and the 100 hourly Simple moving average.

There is a short-term bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start another increase unless there is a move below the $26,650 support.

Bitcoin Price Revisits Support

Bitcoin price failed to continue higher above the $28,500 resistance. BTC formed a short-term top and recently started a downside correction below the $28,000 level.

There was a move below the $27,500 level and the 100 hourly Simple moving average. The price is now testing the $27,200 support zone. A low is formed near $27,189 and the price is now consolidating losses, with very few signs of ..

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