Bitcoin Price Analysis – Bitcoin’s Next Target is $8100 As Correction Continues

• After three days of consolidation, Bitcoin finally dropped under $8500 support.
• Bitcoin now targets $8100 but need to breach the current holding support.

Leaving 8500 support yesterday, Bitcoin has now created new support around $8300 that was mentioned in our previous crypto trading signals. Today, Bitcoin has retested this support but was slightly rejected. If Bitcoin fails to drop beyond $8300, a rebound is likely to play out. At the time of writing, Bitcoin is deciding on where next to head.

Key resistance levels: $8500, $8800
Key support levels: $8100, $7700

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

Following the wedge break, Bitcoin finally broke $8500 after keeping a sideways movement since January 19. Despite cutting $200 from its price yesterday, Bitcoin is still looking for a more downward correction. The BTC volume is currently dropping. So, we can expect the supply to continue until sellers lose momentum.

The break at the yellow area of $8500 has turned $8300 to current support. A continuation of this correction could lead the more sell at $8100 and perhaps $7700 support-the red area on the 4-hours chart. If Bitcoin finds rebound at these red zones, $8500 and $8800 would be the next target for Bitcoin. For now, sellers are still looking for more levels.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

In our past crypto trading signals, we mentioned a potential break on the channel pattern that held Bitcoin within a tight range of $8500-$8800 zones for three days. Yesterday, Bitcoin continued its downward correction after leaving the $8500 support, now resistance. After a small retest was rejected around $8450, BTC is now preparing for more declines.

Though, Bitcoin needs to clear $8300 support before selling advance to $8200 and $8100 support. A further drop could slip price to $8000. In case Bitcoin’s price gains momentum above the $8300 support, we should expect to buy at $8450. A climb above the yellow resistance area of $8500 would allow buyers to reclaim the $8800 resistance and beyond.

BITCOIN SELL ORDER

Sell: $8313
TP: $8133
SL: $8500