The BTC/USD price declined sharply as concerns about the global economy continued.
, and silver declined. The sell-off also happened after signs of a recession continued to emerge.
For example, the Chinese central bank decided to slash interest rates for the second time since May this year. This happened after a series of weak economic data from the country and signs that the housing market was struggling. In addition, the UK Office of National Statistics showed that the country’s economy contracted at a faster pace than expected in 2020.The four-hour chart shows that the BTC/USD price found a strong resistance level at 25,258.
It then dropped sharply and invalidated the ascending triangle pattern that is shown in purple. It moved below the 25-day and 50-day moving averages. The pair moved below the standard pivot point.the pair will likely keep falling as bears target the first support of the standard pivot point at 19,780. A move above the resistance point at 22,000 will invalidate the bearish view.
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