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Bitcoin Technical Analysis: BTC/USD may have to return to $3000 territory if $5000 fails to hold

FX Street
Published date:
  • Bitcoin price on Thursday took a beating, nursing steep losses of some 4.3% in the second half of the day.
  • BTC/USD is at a threat of losing the $5000 price mark, given the current downside momentum.  
  • If the psychological  $5000 loses ground then BTC/USD could soon be back down within the $3000 price region.  

Spot rate:                   5058.28

Relative change:       -4.35%

High:                          5342.39

Low:                           4969.03

 

BTC/USD 60-minute chart

  • Bears broke a key near-term supporting ascending trend line which added to some downside pressure.  

BTC/USD daily chart

  • Failed to breakdown the supply area which tracks from $5100-5300 price range, ahead of the $5500 price mark.  

 

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