- Bitcoin price is declining after it failed to climb above the key $8,300 resistance against the US Dollar.
- The price is under pressure and it is now trading below the $8,000 support area.
- There was a break below a connecting bullish trend line with support near $8,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is approaching a major support area near $7,800, below which there could be a sharp decline.
Bitcoin price is facing a fresh increase in selling pressure below $8,200 against the US Dollar. BTC price could accelerate losses if it fails to stay above $7,800.
Bitcoin Price Analysis
Recently, bitcoin made a few attempts to gain strength above the $8,300 resistance area against the US Dollar. BTC price even spiked above the $8,350 level, but it failed to continue higher.
As a result, a swing high was formed near $8,323 and the price started a fresh decline. During the decline, there was a break below a couple of important supports near $8,100 and $8,200. Moreover, there was a break below a short term ascending channel with support near $8,240 on the hourly chart of the BTC/USD pair.Therefore, the price must climb back above $8,100 and $8,120 to start a fresh increase towards the $8,250 and $8,300 resistance levels. Conversely, if there is no upside break above $8,120, the price could continue to decline in the near term.
Looking at the , bitcoin is clearly struggling below $8,020 and $8,120. An immediate support is near the $7,800 area. If the bulls fail to defend the $7,800 support area, there is a risk of a breakdown. The next major support is near the $7,500 area, where the bulls may take a stand. Technical indicators: