Bitcoin Price (BTC) Decline Far From Over, Bears Eye $7.5K
- Bitcoin price is down more than 12% and it recently broke the $8,500 support against the US Dollar.
- The price is currently correcting higher, but the $8,750 and $8,800 levels are preventing recovery.
- There is a crucial bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to resume its decline as long as it is below $8,750 and $9,000.
Bitcoin price nosedived below $9,000 and tested $8,050 against the US Dollar. BTC remains at a risk of more downsides as long as it is below $9,000.
Bitcoin Price Analysis
Yesterday, we saw a breakdown in bitcoin below the $10,000 support area against the US Dollar. The price remained in a bearish zone and broke many supports near $9,800 and $9,500. Moreover, there was a break below the $9,000 support and the 100 hourly simple moving average. Finally, the price traded close to the $8,000 level and registered a nasty decline. A low was formed near $8,055 and the price is currently correcting higher.
There was a break above the $8,250 and $8,400 levels. Moreover, the price traded above the 23.6% Fib retracement level of the recent decline from the $9,779 high to $8,055 low. However, the $8,750 level is acting as a strong resistance. The next resistance is near the $8,920 level. It coincides with the 50% Fib retracement level of the recent decline from the $9,779 high to $8,055 low.
If there is an upside break above $9,000, the price could recover towards the $9,400 and $9,500 resistance levels. Additionally, there is a crucial bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC/USD pair. An intermediate resistance is near $9,120 and the 61.8% Fib retracement level of the recent decline from the $9,779 high to $8,055 low.
On the other hand, if the price continues to struggle near $8,750 and $9,000, it could resume its decline. An immediate support is near the $8,400 level, below which it could test $8,250. If the bears remain in action, there is a chances of a break below $8,000. The next major support is near the $7,500 level.
Looking at the chart, bitcoin price is clearly bleeding below $9,000 and it might continue to decline. It seems like there are high chances of a break below $8,000 in the near term.
Technical indicators:
Hourly MACD – The MACD is showing a few positive signs in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently struggling to recover above the 30 level.
Major Support Levels – $8,250 followed by $8,000.
Major Resistance Levels – $8,750, $8,800 and $9,120.
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Aayush Jindal, Khareem Sudlow