The Price of Bitcoin In Sharp Downtrend
The price of BTC/USD returned to the downside following the failure to surge over the hurdle at $8,500. At the moment, it is moving towards an important support close to $7,750 and $7,600.
In recent times, sellers have taken charge and initiated a push under $8,000. Further, the price was able to settle under the $8,000 level and the 100 hourly SMA. A look at the hourly chart of BTC against the USD shows that while the price was declining, it broke under a major bullish trend line with support close to $8,000.
At the moment, the pair is close to a remarkably bullish zone between $7,600 and $7,750. The next support is close to $7,750. The eventual major support is close to $7,600 zone. Critical buying areas are between $7,750 and $7,600. Hence, the price could experience a new rally over the hurdle at $8,000.
The first hurdle is close to $7,900 and a short term declining channel is being formed with hurdles close to $7,880 support. If the price surges over the hurdles at $7,900 and $8,000, it may establish the pace for a modest rally. The immediate major hurdles are close to $8,180 and $8,300.
The price could experience a downside break under the support at $7,600. Nevertheless, the ability of the sellers to successfully take the price under the support could begin a steady downtrend and bring about an extension towards $7,300 and $7,100.
It seems the price is losing its selling momentum under $8,000. However, the $7,750 and $7,600 supports are critical. Generally, prices may experience a sharp surge over $8,000 or decline under $7,750 and $7,600.
Featured image courtesy of Shutterstock. Source: Cryptopress.