Bitcoin Remains in Mid-Term Uptrend
BTC/USD price turned to the downside from its high this year at $9,191. Nevertheless, the price remains tuned to the upside and may secure the bulls close to $8k or $7,670.
The price was able to form a short-term top close to $9,191 level before it began a downside retracement. It dropped below $9k and $8.8k to enter a declining area. Further, the price closed on the day beneath the support at $8.5k.
There are numerous supports close to $8.2k as well as $8k while the major support is close to $8k since it is near the 100-day SMA. Hence, the decline has adequate support if there are more corrections.
A look at the upside on the hourly chart of BTC against the USD shows the presence of a key barrier at $8.5k. On the same chart, there is the formation of a bearish channel or bullish flag with hurdle close to $8.5k.
Hence, the price needs to surge past the barriers at $8.5k and $8,540 for a new increase. Besides, a close over $8.6k could lead to $9k and $9.2k.
The support at $8k is a key bullish area. A move beneath $8k could lead to the immediate key support close to $7,670 zone.
Hence, if the price closes beneath $7,670 or $7.6k, it could invalidate the bullish perspective at the moment. If it closes below the levels, there is a likelihood of the price to retest the support zone at $6.5k.