- Bitcoin price is declining and it is now trading below the $8,800 level against the US Dollar.
- The price is trading with a bearish angle and it is likely to tumble below $8,600 and $8,500.
- Today’s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- A clear break below $8,600 is likely to push the price below $8,500 and $8,450.
Bitcoin price is setting up for another dive below $8,600 against the US Dollar. BTC could even struggle to hold $8,500, considering the current bearish formation.
Bitcoin Price Analysis
In morning, we discussed the chances of more losses and sell opportunities for bitcoin below $9,000 against the US Dollar. BTC remained in a bearish zone and it failed to break the $8,850 resistance area.
Additionally, the price is now trading well below the $8,800 and the 100 hourly simple moving average. It seems like the price failed to capitalize above the 23.6% Fib retracement level of the last drop from the $9,150 high to $8,610 low.Recently, there was a break below a contracting triangle with support near $8,730 on the hourly chart of the BTC/USD pair. Therefore, there is a risk of more downsides below the $8,650 and $8,600 levels.
In the mentioned bearish case, there is a risk of a sharp breakdown even below the $8,500 support. On the upside, an initial resistance for the bulls is near the $8,820 level and the 100 hourly SMA.