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$17K CME gap-fill looms after Bitcoin price closes below key moving average

Published 12/08/2020, 08:56 PM
Updated 12/08/2020, 10:40 PM
$17K CME gap-fill looms after Bitcoin price closes below key moving average
BTC/USDT
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BTC/USD
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After spending the last few days trading in a tightening range, Bitcoin (BTC) price dropped from its pennant structure and closed below the 20-day moving average ($18,600).

Crypto market daily price chart. Source: Coin360

Since topping out at $19,888 a number of analysts cautioned that Bitcoin price was at risk of a strong pullback if it failed to either secure a daily close above $19,500 or at least hold $19,000 as support.

BTC/USDT 4-hour chart. Source: TradingView
BTC/USDT 4-hour chart. Source: TradingView

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