Bitcoin Price Analysis – Bitcoin Holding Temporal Support At $7700, Awaiting Make-or-Break?

• Bitcoin saw 0.33% increases overnight but the downward trend remains valid
• The price could retrace back to $8500 if Bitcoin keep respecting the 4-hours channel

Following the $1500 drops in three days, Bitcoin appeared to have found temporal support around $7700 for the past 24-hours. Meanwhile, the bears are a bit weak at the moment. Bitcoin is now priced at $7900. In case the bulls begin to show commitment, we should expect Bitcoin to rise back. Otherwise, the selling pressure may resume back.

Key resistance levels: $8000, $8500
Key support levels: $7700, $7500

Bitcoin (BTC) Price Analysis: 4H Chart – Bearish

Yesterday, Bitcoin plunged to the base support of the descending channel forming on the 4-hours. From this $7700 support level, BTC slightly bounced back near $8000 but saw a rejection. Though, the bears are still gaining control of the market. But if the bulls can find their way back in the market, we should anticipate a positive retracement.

The price range to look out for is $8500 in the orange resistance area. However, we need to see a clear break above the $8000 resistance before we can validate a nice retracement. On the other hand, a bearish extension might cause more pain in the market. That is likely to happen if Bitcoin slumps below the $7700 support to a lower level of $7500.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Bitcoin is still revealed in a downward range on the hourly chart, though the bearish sentiment has remained calm above the $7700 support- yesterday’s low. The price is now selling back following a rejection at $7989, which now formed minor resistance. A fall beneath the $7700 is likely to introduce a new bearish circle in the market.

If that occurs, we may need to watch out for $7600 and $7500 as the next level of support. If Bitcoin can regain momentum above the $7700 level, however, we would need to see a decent break at $7900-$8000 resistance areas before we can consider further rally to $8380 resistance, the second orange line on the chart. But as it stands now, Bitcoin remains under bearish control.

BITCOIN SELL ORDER

Sell: $7989
TP: $7756
SL: $8077