Bitcoin is now priced at around $8140, following the last 24 days of bearishness which has made the BTC price to reach a weekly low of $8000. However, the bears are still present as more selling could be underway for this market if the $8000 support breaks. Currently, Bitcoin is down by 2.91% and at the same time trading under $150 billion market cap over the last 24-hours. This might be an indicator of more price drop in the market.
Bitcoin (BTC) Price Analysis: Daily Chart – Bearish
Key resistance levels: $8300, $8500
Key support levels: $8000, $7800
Bitcoin’s trading is back in the descending channel as a result of the past few days of decline, making the market to now sit on $8000 support, near the red ascending trend line. Bouncing off the $8000 support might allow Bitcoin to rise back to near resistance at $8300 and $8500 on the upside.
But considering the latest bearish reactions, Bitcoin may break-down $8000 to meet October low, although the September low ($7800) may hold BTC for a while. However, the RSI has dropped back near the 30 levels to show a sign of weakness in the market. The MACD has confirmed a bearish takeover as more declines can be expected.
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
Having broken supports, Bitcoin is now leaning on $8000 support which has been through bear target $9000 support breaks. The $7350 support might be on sight if Bitcoin further slips beneath the red diagonal support. However, the $7900 – $7800 support zones may further suppress selling pressure.
Meanwhile, the technical indicators are in the bearish territories which suggest that Bitcoin is under a lot of pressure. If the market can rely on the red diagonal support, we can expect BTC witness a strong bullish surge to $10400. But for now, near support lies at $8300, followed by $8400 which remains a breakout level for Bitcoin.
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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.