Bitcoin Price Hits Next Bearish Target But Bears Are Not Done Yet

Jul 25, 2023 04:00 am Cryptocurrency 173

Bitcoin price extended its decline and traded below $29,000. BTC is still at risk of more downsides toward the $28,200 support zone in the near term.

Bitcoin is gaining bearish momentum below the $29,200 level.

The price is trading below $29,500 and the 100 hourly Simple moving average.

There was a break below a major bullish trend line with support near $29,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could extend its decline toward the $28,200 support zone.

Bitcoin Price Turns Red

Bitcoin price settled below the $30,000 support zone to move into a bearish zone. BTC even broke the key $29,650 support zone to start a fresh decline.

Besides, there was a break below a major bullish trend line with support near $29,700 on the hourly chart of the BTC/USD pair. The pair tested the $28,880 level. A new weekly low is formed near $28,880 and ..

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