Bitcoin Price (BTC) Downturn Could Gather Momentum Below $7,500

Bitcoin price dived more than 10% in the past three sessions and traded below $8,000. BTC to USD is now trading in a bearish zone, with a risk of more losses below $7,500.

Key Takeaways: BTC/USD

  • Bitcoin price is down more than 8% and it broke the $8,000 pivot level against the US Dollar.
  • BTC/USD broke a crucial contracting triangle support at $8.940 on the 2-hours chart (data feed from Bitstamp) to enter a bearish zone.
  • Ethereum is also down more than 8% and it tested the main $200.00 support area.

Bitcoin Price Analysis

After struggling on more than two occasions near $9,200, bitcoin price started a strong decline. BTC to USD broke multiple supports near the $8,850 and $8,650 levels to start the current downtrend.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin even broke a crucial contracting triangle support at $8.940. The decline was such that the price settled below the $8,000 pivot level and the 50 simple moving average (2-hours, purple).

Finally, a swing low is formed near the $7,686 level and the price is currently correcting higher. An initial resistance is near the $8,000 level. The 23.6% Fib retracement level of the recent slide from $9,220 to $7,686 is near the $8,048 level to prevent an upward move.

If there is an upside break above $8,000 and $8,050, the price could start a decent recovery. The next key resistance is near the $8,420 level. Besides, the 50% Fib retracement level of the recent slide from $9,220 to $7,686 is also near the $8,453 level to act as a strong resistance.

Therefore, an upside correction could face a major barrier near the $8,420 and $8,455 levels. Conversely, bitcoin price might fail to recover above the $8,000 and $8,050 levels.

In the mentioned bearish case, there is a risk of more losses below the $7,700 level and the $7,686 swing low. The next major support is seen near $7,520, below which the price could slide towards $7,220.

Overall, bitcoin price is declining and it remains at a risk of more losses below $7,686 unless it jumps above $8,050.

Live Bitcoin (BTC) Price:

1 BTC/USD =$9,247.6169 change ~ 0.85%

Coin Market Cap

$170.35 Billion

24 Hour Volume

$3.11 Billion

24 Hour VWAP

$9.24 K

24 Hour Change

$78.7295

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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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