Bitcoin Is On the Precipice of Losing Two Crucial Support Levels


Bitcoin’s price action has been slow over recent weeks. This has allowed crucial technical support levels to catch up with the current price. Analysts say that Bitcoin is on the verge of falling below two support levels of macro importance. BTC doing so could trigger a move to the low-$9,000s, then potentially even further below that. Bitcoin Could Slip Below Crucial Macro Trend Levels Bitcoin bulls should be on edge, analysts say, as the cryptocurrency nears support levels of macro significance. One trader noted on October 6th that BTC is currently approaching the 0.75 Fibonacci Retracement of the ongoing range ($12,000 to $5,800) and the 21-week simple moving average. These two levels have provided support for Bitcoin over multiple times over the past few years. The cryptocurrency losing these two levels, both around the $10,000-10,500 region could result in a decline towards the $9,000s, then $8,000s: “$BTC 0.75 range and…

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