Bitcoin Price (BTC) Approaching Uptrend Support, Can It Bounce Back?
Bitcoin price is currently declining and trading well below $8,800. BTC to USD is approaching the key $8,460 support, which holds the key for the next move.
Key Takeaways: BTC/USD
- Bitcoin price is struggling to climb back above $8,700 and $8,800 against the US Dollar.
- BTC/USD is likely to find support near $8,460 and a major bullish trend line on the 2-hours chart (data feed from Bitstamp).
- Ethereum is also correcting lower and trading well below the $170.00 pivot level.
Bitcoin Price Analysis
This past week, bitcoin price surged above the $8,800 and $9,000 resistance levels. BTC to USD traded as high as $9,189 before it started a substantial downside correction below the $9,000 level.
Looking at the 2-hours chart, bitcoin broke a couple of important supports near the $8,800 level to enter a short term bearish zone. Moreover, the price settled below the $8,700 level and the 50 simple moving average (2-hours, purple).
On the downside, the price is likely to find support near $8,460 and a major bullish trend line on the 2-hours chart. If there is a downside break below the trend line and $8,460, there is a risk of more losses.
The next key support is near the $8,215 level, below which bitcoin price might continue to move down towards the $7,670 support area, where the bulls are likely to take a stand.
On the upside, an initial hurdle for the bulls is near the $8,700 level. However, the first major hurdle is near the $8,820 level and the 50% Fib retracement level of the downside correction from $9,189 to $8,462.
Besides, the 50 simple moving average (2-hours, purple) is also near the $8,820 level. Therefore, a clear break above the $8,820 area could set the pace for more upsides in the near term.
The next key hurdle could be $9,000 or the 76.4% Fib retracement level of the downside correction from $9,189 to $8,462. Any further gains may perhaps lead bitcoin price towards the main $9,200 and $9,220 resistance levels in the coming days.