The BTC price is at the time of writing $7,661, and it will likely test lows such as the $7,500 or even $7,200. It meets resistance around $8,050, according to the hourly chart of BTC/USD. Bitcoin (BTC) will surely find a strong buying interest as it gets closer to the $7,500 or $7,200 support.
Bticoin Price Analysis – It Must Recover Above the $8,000 Resistance Levels, or else It Will Further Decline
Analyst Sawcruhteez livestreamed an analysis at the end of last night, noting that:
“I’ve been long term bullish for a while now… Still looks like a long-term bull market where I want to buy dips, but that could change pretty darn quickly.”
The most recent price level of bitcoin against the USD hovers at just a little over $8,000. The price even was able to get past the $8,200 resistance, going up to $8,400. Because it didn’t gain momentum, it again started to decline under the $8,000 support.
The BTC price even got to a new monthly low of $7,661.
The immediate resistance level is $7,900, and 50% Fib retracement level of the drop from $8,157 to $7,661 is also close to the $7,900 level.
The main resistance is close to the $8,000 and $8,100 levels, and we’re seeing on the BTC/USD hourly chart a bearish trend line showing resistance close to $8,050.
The intermediary resistance level is close to $8,040 , adding the 76.4% Fib retracement level of the drop from $8,157 to $7,661.
If bitcoin is to recover, it needs to break above the $8,000 – the $8,100 levels, where it will meet a resistance level close to $8,400. If bitcoin price cannot recover above the $8,000 – $8,100 resistance levels, we could see it further decline. Add more downsides to it and the price could even get to the $7,200 support area.
The chart on TradingView shows us bitcoin struggling to stay at the $8,000 level.
