Bitcoin is Vulnerable under $8.5k
The price of BTC/USD strived to surge over the hurdle at $8,900 two times. It is revealing some declining signs and it appears it may fall towards $8,300 or $8,200.
In the previous day, there was an extension of its rally over the hurdle at $8,500. The price experienced an upsurge towards $9,000, but strived to move beyond the hurdle area at $8,900.
On two occasions, the buyers failed to move the price over the hurdle at $8,900. Hence, the price returned to the downside under supports at $8,700 and $8,660.
Further, a look at the hourly chart of BTC against the USD revealed a break under a major bullish trend line with support close to $8,660. The chart shows another bullish trend line at $8,610 and is the next support. The past breakout area is the first major support close to $8,540. The ability of the buyers to move the price over the $8,540 support will most likely lead to the $8,900 zone.
The sellers focus on double levels close to $8,240 and $8,200 support. Any additional declines may take the price towards $8,000.
The bullish move will not hold if BTC remains over the neckline support at $8,540 and $8,500. The first hurdle on the upside is close to $8,700. The major hurdle is close to $8,900 and a move over it could prompt buyers to focus on the immediate crucial resistance close to $9,200 and $9,250.