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.

Bitcoin Price Analysis

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.

Live Bitcoin (BTC) Price:

1 BTC/USD =$9,542.0248 change ~ -1.16%

Coin Market Cap

$175.5 Billion

24 Hour Volume

$12 Billion

24 Hour VWAP

$9.92 K

24 Hour Change

$-110.6544

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Avatar
Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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