Bitcoin Broke A Key Technical Pattern It's Vulnerable to a Drop Toward $8K<\/title>\n<meta name=\"description\" content=\"Bitcoin is struggling to gain bullish momentum above $9,200. BTC price is currently declining and it could continue to slide towards $8,400 or $8,200.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin-btc-vulnerable-drop-toward-8k\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Broke A Key Technical Pattern It's Vulnerable to a Drop Toward $8K\" \/>\n<meta property=\"og:description\" content=\"Bitcoin is struggling to gain bullish momentum above $9,200. 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{"id":422631,"date":"2020-05-04T03:28:45","date_gmt":"2020-05-04T03:28:45","guid":{"rendered":"https:\/\/ktsl888.com\/?p=422631"},"modified":"2024-06-11T13:48:14","modified_gmt":"2024-06-11T13:48:14","slug":"bitcoin-btc-vulnerable-drop-toward-8k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-vulnerable-drop-toward-8k\/","title":{"rendered":"Bitcoin Broke A Key Technical Pattern It’s Vulnerable to a Drop Toward $8K"},"content":{"rendered":"

Bitcoin is struggling to gain bullish momentum above $9,200 against the US Dollar. BTC price is currently declining and it could continue to slide towards $8,400 or $8,200.<\/em><\/p>\n

\n
Bitcoin is facing an increase in selling pressure below $9,200 and $9,000.<\/li>\n
The price is trading below the 100 hourly simple moving average and it could dive towards $8,400.<\/li>\n
There is a key bearish trend line forming with resistance near $8,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could correct in the short term, but it is likely to continue lower towards $8,400 or $8,200.<\/li>\n<\/ul>\n
Bitcoin is Facing Hurdles<\/h2>\n
After a sharp downside correction, bitcoin<\/a> found support above the $8,400 level against the US Dollar. BTC price recovered nicely above $8,800 and $9,000, but it faced a strong selling interest near the $9,200 level.<\/p>\n
A high is formed near $9,201 and the price is currently declining. It broke a key bullish trend line with support at $8,980 on the hourly chart<\/a> to enter a bearish zone. BTC even settled below the $8,900 level and the 100 hourly simple moving average.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
A low is formed near $8,629 and the price is currently attempting an upside correction. Bitcoin is trading near the 23.6% Fib retracement level of the recent slide from the $9,201 high to $8,629 low.<\/p>\n
On the upside, an initial resistance is near the $8,900 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $8,900 on the same chart.<\/p>\n
The trend line coincides with the 50% Fib retracement level of the recent slide from the $9,201 high to $8,629 low. If there is a successful close above the trend line, 100 hourly SMA, and the $9,000 resistance, the price could recover further.<\/p>\n
The main resistance is near the $9,200 level, above which the bulls are likely to aim a test of the $9,500 resistance in the near term.<\/p>\n
Downside Thrust<\/h2>\n
Conversely, bitcoin price might continue to move down below the $8,700 level. An initial support is near the $8,600 level, below which the price could dive towards the $8,400 support.<\/p>\n
If the bulls fail to protect the $8,400 support, there is a risk of a larger downside thrust towards the $8,200 level or the $8,000 handle in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is showing negative signs in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently close to the 40 level.<\/p>\n
Major Support Levels \u2013 $8,400 followed by $8,200.<\/p>\n
Major Resistance Levels \u2013 $8,900, $9,000 and $9,200.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is struggling to gain bullish momentum above $9,200 against the US Dollar. BTC price is currently declining and it could continue to slide towards $8,400 or $8,200. Bitcoin is facing an increase in selling pressure below $9,200 and $9,000. The price is trading below the 100 hourly simple moving average and it could dive towards $8,400. There is a key bearish trend line forming with resistance near $8,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct in the short term, but it is likely to continue lower towards $8,400 or $8,200. Bitcoin is Facing Hurdles After a sharp downside correction, bitcoin found support above the $8,400 level against the US Dollar. BTC price recovered nicely above $8,800 and $9,000, but it faced a strong selling interest near the $9,200 level. A high is formed near $9,201 and the price is currently declining. It broke a key bullish trend line with support at $8,980 on the hourly chart to enter a bearish zone. BTC even settled below the $8,900 level and the 100 hourly simple moving average. A low is formed near $8,629 and the price is currently attempting an upside correction. Bitcoin is trading near the 23.6% Fib retracement level of the recent slide from the $9,201 high to $8,629 low. On the upside, an initial resistance is near the $8,900 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $8,900 on the same chart. The trend line coincides with the 50% Fib retracement level of the recent slide from the $9,201 high to $8,629 low. If there is a successful close above the trend line, 100 hourly SMA, and the $9,000 resistance, the price could recover further. The main resistance is near the $9,200 level, above which the bulls are likely to aim a test of the $9,500 resistance in the near term. Downside Thrust Conversely, bitcoin price might continue to move down below the $8,700 level. An initial support is near the $8,600 level, below which the price could dive towards the $8,400 support. If the bulls fail to protect the $8,400 support, there is a risk of a larger downside thrust towards the $8,200 level or the $8,000 handle in the near term. Technical indicators: Hourly MACD \u2013 The MACD is showing negative signs in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently close to the 40 level. Major Support Levels \u2013 $8,400 followed by $8,200. Major Resistance Levels \u2013 $8,900, $9,000 and $9,200.<\/p>\n","protected":false},"author":67,"featured_media":422633,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144],"class_list":["post-422631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Broke A Key Technical Pattern It's Vulnerable to a Drop Toward $8K<\/title>\n<meta name=\"description\" content=\"Bitcoin is struggling to gain bullish momentum above $9,200. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/ktsl888.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Broke A Key Technical Pattern It’s Vulnerable to a Drop Toward $8K","url":"http:\/\/ktsl888.com\/news\/bitcoin-btc-vulnerable-drop-toward-8k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-btc-vulnerable-drop-toward-8k\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/shutterstock_104159093.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/shutterstock_104159093.jpg?fit=1000%2C713"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd"],"dateCreated":"2020-05-04T03:28:45Z","datePublished":"2020-05-04T03:28:45Z","dateModified":"2024-06-11T13:48:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Broke A Key Technical Pattern It’s Vulnerable to a Drop Toward $8K\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-btc-vulnerable-drop-toward-8k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-btc-vulnerable-drop-toward-8k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/shutterstock_104159093.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/shutterstock_104159093.jpg?fit=1000%2C713\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\"],\"dateCreated\":\"2020-05-04T03:28:45Z\",\"datePublished\":\"2020-05-04T03:28:45Z\",\"dateModified\":\"2024-06-11T13:48:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/shutterstock_104159093.jpg?fit=1000%2C713","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/422631"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=422631"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/422631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/422633"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=422631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=422631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=422631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}