Bitcoin (BTC) Price Primed To Break $8.5K, Dips Remain Supported

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Bitcoin price started a downside correction after trading close to $8,350 against the US Dollar.The price declined below the $8,000 support and tested the $7,600-7,630 support area.There is a short term bearish trend line forming with resistance near $8,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could retest the $7,600 support area before it could start a fresh increase above $8,200.Bitcoin price corrected lower recently below $8,000 against the US Dollar. However, BTC remains well bid above $7,600 and it is likely to climb back above $8,200 and $8,300.Bitcoin Price AnalysisYesterday, we saw an extended rally in bitcoin price above the $8,000 barrier against the US Dollar. The BTC/USD pair broke the $8,200 and $8,300 resistance levels. It traded close to the $8,340 level and a new 2019 high was formed at $8,338. Later, the price started a downside correction below the $8,200 support,…

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