Bitcoin Price Analysis – Bitcoin Rejects $8200 Resistance Following Sharp Drops, Will $7700 Hold?

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RESULTS

• Bitcoin remained trapped in a three-week descending channel on the 4-hours chart
• The $8200 level is now a crucial resistance for Bitcoin

Yesterday, Bitcoin saw a small bounce to near $8200 but failed after witnessing a quick sell to $7760. Meanwhile, the current $7700 support has continued to suppress selling pressure. Due to this drops, Bitcoin is now trading back under $8000. In case this current support fails to hold, Bitcoin is likely to extend scenario to the downside.

Key resistance levels: $8200, $8500
Key support levels: $7700, $7500

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

Following the $8200 rejection yesterday, Bitcoin is now facing the $7700 support that was established on Monday. Currently, it appeared the bears are showing interest again. This time, the $7700 support level could be wiped out with huge selling pressure. If such a scenario occurs, Bitcoin may look for another support around $7500 and below.

In the opposite direction, the bulls’ hope may be restored if Bitcoin can continue to hold well above the $7700. If this price action plays out, the first level of resistance to watch out for is $8200, from where BTC price got rejected yesterday. A successful climb above this resistance would allow further buy to $8500, around the channel’s resistance. Nonetheless, Bitcoin is still looking bearish on the 4-hours chart.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Bitcoin is revealed in a downward range on the hourly chart, but the price has been moving sideways over the past 48-hours now. The ongoing consolidation suggests a potential change in trend. As we can see, Bitcoin is preparing for another dip. If the price falls significantly below the red support line of $7750, Bitcoin may found new support around $7600 and $7500.

Following yesterday’s false break above $8000, Bitcoin now created resistance at $8180. If Bitcoin regains momentum above this new resistance, the next buying target would be $8380, marked orange on the hourly chart. Above this resistance, more gains are expected to come into play.

BITCOIN SELL ORDER

Sell: $7850
TP: $7760
SL: $8055