Bitcoin started a downside correction from the 2020 high at $9,191 against the US Dollar. However, BTC price is still in an uptrend and it could find buyers near $8,000 or $7,670.
- Bitcoin price started a short term downside correction below $9,000 and $8,800.
- It is currently trading above $8,200 and there are many important supports on downside.
- There is a declining channel or a bullish flag forming with resistance near $8,500 on the daily chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to find a strong buying interest near $8,000 and the 100-day simple moving average.
Bitcoin Price Remains Supported On Dips
After forming a short term top near the $9,191 level, bitcoin started a downside correction. BTC price broke the $9,000 and $8,800 levels to enter a bearish zone.
The bears were able to push the price below the 23.6% Fib retracement level of the last important rise from the $6,836 low to $9,191 high. Moreover, there was a daily close below the $8,500 support level.Though, there are many important supports on the downside near the $8,200 and $8,000 levels. The main support is near the $8,000 level since it is close to the 100-day simple moving average.
Besides, the 50% Fib retracement level of the last important rise from the $6,836 low to $9,191 high is also near the $8,000 level. Therefore, dips remain supported on the downside if the price corrects further. On the upside, the $8,500 zone is a major hurdle for the bulls. There is also a declining channel or bullish flag forming with resistance near $8,500 on the daily of the BTC/USD pair.