Bitcoin Price (BTC) Recovery Is Facing Strong Resistance, Bears In Check

Bitcoin price declined recently and traded below the $8,575 support area. BTC to USD is currently recovering from $8,217, but there are many hurdles on the upside.

Key Takeaways: BTC/USD

  • Bitcoin price is currently correcting losses after a sharp decline towards $8,200 against the US Dollar.
  • BTC/USD is facing a strong resistance near $8,475 and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is also correcting higher, but it is likely to struggle near $162.50 and $164.00.

Bitcoin Price Analysis

In the past few days, bitcoin price followed a bearish path and broke the $8,850 and $8,640 support levels. More importantly, BTC to USD broke the key $8,575 support level to enter a bearish zone.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin even settled below the $8,500 level and the 50 simple moving average (2-hours, purple). Finally, there was a drop below the $8,400 level and the price traded towards the $8,200 support.

A low is formed near $8,217 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the recent slide from $8,788 to $8,217. However, there are many hurdles for the bulls near the $8,500 area.

Besides, bitcoin price is facing a strong resistance near $8,475 and a bearish trend line on the 2-hours chart. The 50% Fib retracement level of the recent slide from $8,788 to $8,217 is also near the $8,503 level.

Finally, the 50 simple moving average (2-hours, purple) is close to the $8,575 resistance area. Therefore, the bulls need to push the price above the $8,500 and $8,575 resistance levels to start a decent upward move in the near term.

A successful close above the $8,575 resistance level could start a fresh increase in the near term. The next major hurdle for the bulls might be $8,650 and $8,740.

Conversely, bitcoin price might fail to continue above the $8,500 and $8,575 resistance levels. In the mentioned bearish case, the price is likely to gain momentum below the $8,200 support level in the coming sessions.

Live Bitcoin (BTC) Price:

1 BTC/USD =$9,450.2375 change ~ -0.22%

Coin Market Cap

$173.78 Billion

24 Hour Volume

$7.91 Billion

24 Hour VWAP

$9.48 K

24 Hour Change

$-20.3202

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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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