Bitcoin Continues on Descent Toward Support

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In Brief
  • The Bitcoin price is following a long-term ascending support line.

  • The price has lost the support of the 50-day MA.

  • There is resistance at $9,250 and support at $8,950 and $8,650.

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On July 16, the Bitcoin (BTC) price continued its descent after breaking down from a crucial support area and moving average (MA). The price is expected to continue falling towards the two closest support areas. Ascending Support Line Yesterday, the price continued its descent which began on July 8, reaching another close below the $9,250 level and 50-day MA. While the price had
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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