BTC Price Declines Under $8300 In a Short Time
Last week, the BTC price initiated a steady rise above the $8700 and $8880 resistance levels against the USD. It gained traction and even managed to rise above the key $9000 resistance.
Nevertheless, the price faced a strong resistance close to the $9200 region and the 4-hours simple moving average (SMA).
A Look at the BTC/USD 4-Hours Chart
The BTC/USD 4-hours chart reveals a critical bearish trend line, with resistance around $8700. However, Bitcoin failed to clear the trendline, $8700 resistance, and the 100 SMA. In this case, a sharp decrease under level $8500 occurred, and the price is currently down by 8%. If Bitcoin fails to protect the $8250 support level, a further drop will happen.
A look at the upside, if the $8250 support level remains intact, Bitcoin price may start an upside correction. An initial resistance on the upside is around $8400, above which the bulls could take over. If there is a clear break above the trend line and the $8400 resistance, it could trigger a strong rally towards the $8600 and $8800 levels in the short term. Overall, the Bitcoin price action is currently bearish, and it might decline further towards $8000.