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

$495.89

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide