Bitcoin Price (BTC) Extending Decline, $8,500 Still On The Cards

Bitcoin price is trading in a bearish zone below the $8,960 support area. BTC to USD is likely to decline further and it might continue to decline towards $8,500.

Key Takeaways: BTC/USD

  • Bitcoin price is struggling to correct higher and is trading well below $8,960 against the US Dollar.
  • BTC/USD is facing a strong resistance near $8,960 and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash are also under selling pressure below key resistances.

Bitcoin Price Analysis

In the past few days, bitcoin price started a fresh decline below the $9,100 and $8,960 support levels. BTC to USD even broke the $8,820 support area and traded to a new monthly low below the $8,600 level.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin even settled below the $8,960 level and the 50 simple moving average (2-hours, purple). The recent low was near $8,596 and the price is currently consolidating losses.

An immediate resistance is near the $8,725 level. It represents the 23.6% Fib retracement level of the recent decline from $9,140 to $8,596. The next key resistance area is near the $8,860 level.

Moreover, the 50% Fib retracement level of the recent decline from $9,140 to $8,596 is near the $8,865 level to act as a resistance. The main resistance is near the $8,960 level (the previous support area). Besides, the 50 simple moving average (2-hours, purple) is also positioned near the $8,930 level.

Overall, bitcoin is facing a strong resistance near $8,960 and a bearish trend line on the same chart. Therefore, a successful break above the 50 SMA and $8,960 is needed for a decent upside recovery in the coming sessions.

On the downside, an initial support is near the $8,600 area. If there is a downside break, the price could decline further towards the next support near the $8,500 level.

To sum up, bitcoin is trading in a bearish zone below the $8,860 and $8,960 resistance levels. Therefore, there is a possibility of more downsides below $8,600 unless the price starts a decent recovery above $8,960.

Live Bitcoin (BTC) Price:

1 BTC/USD =$49,567.9159 change ~ 1.00%

Coin Market Cap

$927.44 Billion

24 Hour Volume

$25.86 Billion

24 Hour VWAP

$50.13 K

24 Hour Change


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