Bitcoin Price Analysis – Bitcoin Targets New Weekly Low After False Recovery

• Bitcoin recently saw a mild recovery but failed to surpass $9000
• The short-term bearish correction remains valid while Bitcoin consolidates

Over the past 24-hours, the entire crypto market saw a small recovery but now back on a bearish mode. Though Bitcoin has been quite stable at around $8800; following a sharp bounce from $8600. While attempting to reclaim $9000 yesterday, Bitcoin got rejected and now trading around $8700 at the moment as sellers show more interest.

Key resistance levels: $8800, $8900, $9000
Key support levels: $8600, $8500, $8400

Bitcoin (BTC) Price Analysis: Daily – Bearish

Yesterday, Bitcoin touched $8600 with a long wick after witnessing a two weeks decline. Bouncing off this mentioned weekly low, Bitcoin recovered a bit near $9000 before closing around $8800 with a bullish doji.

Bitcoin is facing $8600 support again. If this support fails to hold, price drop into a key support area of $8400 – marked green on the daily chart. If BTC respects this demand zone along with the blue rising trend line, a quick bounce should send the price back to $10000 resistance in no time. For now, the closest resistance for Bitcoin is $9000

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

On the 4-hours, Bitcoin has been in the middle of consolidation for the past few hours now. While the $9000 resistance is proving difficult for the bulls to overcome on the upside, the $8600 has continued to suppress bearish actions for a while now.

However, it may break if the current bearish sentiment intensifies. In view of this, $8500 and $8400 supports may be explored. In case the bulls show a strong interest, Bitcoin is likely to regain momentum to $8900 and $9000 resistance before showing further direction. Nonetheless, BTC behaviour is still bearish at the moment.

BITCOIN SELL ORDER

Sell: $8620
TP: $8500
SL: $8800