- Bitcoin price is currently under pressure below the $7,800 support area against the US Dollar.
- The price declined recently and it is currently trading just above the $7,500 support area.
- There is a major declining channel in place with resistance at $8,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline a few points and there might be a strong bounce from $7,420 or $7,200.
Bitcoin price is slowly moving lower towards key supports against the US Dollar. BTC is likely to bounce back from the $7,400 or $7,200 support levels in the near term.
Bitcoin Price Analysis
Recently, bitcoin price struggled to break the $8,100 and $8,050 resistance levels against the US Dollar. The BTC/USD pair failed near $8,050 recently and started a downward move below $8,000 and $7,940. The price is currently under pressure and it broke the $7,800 support area. It even traded below the $7,660 support level and the 100 hourly simple moving average. Finally, there was a break below the $7,600 support and a new swing low was formed at $7,516.
The price is currently consolidating, with an initial resistance is near the $7,780 level. It represents the 50% Fib retracement level of the recent decline from the $8,052 high to $7,516 low. Above $7,780, the price could test the $7,900 resistance level. Moreover, the 100 hourly simple moving average is close to the $7,900 level to prevent upsides. The 76.4% Fib retracement level of the recent decline from the $8,052 high to $7,516 low is also near the $7,925 level. Therefore, the $7,900 area could act as a strong resistance.