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 =$35,783.3240 change ~ 0.35%

Coin Market Cap

$670.54 Billion

24 Hour Volume

$22.86 Billion

24 Hour VWAP

$35.83 K

24 Hour Change

$126.81

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