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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin (BTC) Diving, Can Bulls Protect $8.2K Support?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
bitcoin decline

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  • Bitcoin price is extending losses and it recently broke $8,375 support against the US Dollar.
  • The price is currently correcting, but upsides are likely to be capped by $8,500.
  • Morning’s key bearish trend line is active with resistance near $8,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Ethereum is still holding the $180 support area and ripple is trading in a range above $0.2520.

Bitcoin price is showing signs of more losses below $8,500 against the US Dollar. BTC could drop towards $8,200 before a decent increase in the near term.

Bitcoin Price Analysis

In morning, we saw a few bearish signs for bitcoin below the $8,660 and $8,700 resistances against the US Dollar. BTC failed to climb above the $8,700 resistance and extended its decline below $8,500.

Moreover, there was a break below the $8,400 and $8,375 support levels. Finally, the price traded to a new weekly and monthly low near $8,343, plus settled well below the 100 hourly simple moving average.

At the moment, the price is correcting higher above the $8,400 level. It is trading close to the 23.6% Fib retracement level of the recent decline from the $8,629 high to $8,343 low.

On the upside, an initial resistance is near the $8,420 level (the recent support). The first major resistance is near the $8,480 level. Additionally, the 50% Fib retracement level of the recent decline from the $8,629 high to $8,343 low is near the $8,480 level.

More importantly, morning’s key bearish trend line is active with resistance near $8,500 on the hourly chart of the BTC/USD pair. Therefore, bitcoin needs to surpass the $8,500 resistance to recover. The next major resistance is near the $8,570 and $8,600 levels.

An intermediate resistance between the first trend line and the second trend line is $8,525 and the 100 hourly simple moving average. A successful close above the 100 hourly SMA and the $8,600 resistance could lead the price towards the $8,660 and $8,700 resistance levels.

Conversely, if the price fails to climbs above $8,500 or $8,600, it might continue to move down. The recent low at $8,343 is a short term support. However, it seems like the bears are eyeing a test of the $8,200 support area, where the bulls are likely to take a stand.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin may perhaps extend its decline below $8,340. Having said that, the bears need to be careful once the price reaches the $8,200 and $8,000 supports.

Technical indicators:

Hourly MACD – The MACD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently sliding below the 40 level.

Major Support Levels – $8,340 followed by $8,200.

Major Resistance Levels – $8,500, $8,570 and $8,600.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Created by industry experts and meticulously reviewed
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