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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

A Bitcoin Plunge To $8,000 On The Horizon, As Bulls Show Weak Hands

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Price

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Bitcoin price failed to stay above the key $8,500 support area and extended its decline against the US Dollar. BTC price is likely to continue lower towards $8,000 or $7,880.

  • Bitcoin started a strong corrective decrease from the $9,200 resistance area.
  • The price broke the key $8,500 and $8,470 support levels to move further into a bearish zone.
  • Yesterday’s highlighted key bearish trend line is active with resistance near $8,470 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to extend its decline towards the $8,000 support level in the near term.

Bitcoin Price Is Facing Hurdles

Yesterday, we discussed the importance of the $8,500 and $8,470 support levels for bitcoin against the US Dollar. BTC price failed to stay in the bullish zone and recently declined below $8,470.

Moreover, there was a close below $8,500 and the 100 hourly simple moving average. As a result, there was a downside extension and the price traded below $8,300.

A new weekly low is formed near $8,263 and the price is currently consolidating losses. An initial resistance for the bulls is near the $8,380 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $8,794 high to $8,263 low.

The first major resistance on the upside is near the $8,470 level (the recent breakdown level). Additionally, yesterday’s highlighted key bearish trend line is active with resistance near $8,470 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

The next key resistance is near $8,500 and $8,520. It coincides with the 50% Fib retracement level of the recent decline from the $8,794 high to $8,263 low.

Therefore, bitcoin price must settle above $8,470 and $8,520 to move back into a positive zone. In the mentioned case, it could revisit the $8,800 resistance area.

BTC Could Revisit $8,000

If BTC price continues to slide, it could struggle to stay above the $8,200 support area. In the mentioned case, there are high chances of it hitting the $8,000 support level in the near term.

Overall, bitcoin is showing a few bearish signs and it seems an interim top is formed near $9,200. The next set of bearish targets could be $8,000 or $7,800, below which the bears might even aim $7,200.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level, with bearish signs.

Major Support Levels – $8,200 followed by $8,000.

Major Resistance Levels – $8,470, $8,500 and $8,520.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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