- Bitcoin (BTC) fails to stay in the bullish zone
- Bitcoin breaks below the major support at $8,500
- BTC is likely to return to the $8,000 support level, as it shows more bearish signs
Bitcoin News Today – Bitcoin (BTC) just broke below a major support level. The price of the digital currency failed to remain over the $8,500 support level and it extended its downward trend against the U.S. dollar. Bitcoin is likely to decline towards the $8k and $7,880 mark.
Bitcoin Plunges below Strong Support Mark
Bitcoin (BTC) has managed to hold gains over the $8,500 support level over the past few days. Bitcoin (BTC) failed to remain in the bullish territory and it recently plunged below the $8,470 mark. Besides, there is a close beneath the $8,500 mark and the 100-hourly SMA. As a result, the digital currency continued its downward correction and plunged below the $8,300 support level.
Bitcoin (BTC) formed a new low close to the $8,263 mark and the price of the digital currency is currently consolidating losses. The immediate resistance of the digital currency is currently close to the $8,380 mark. It coincides with the 23.6 percent Fibonacci retracement level of the previous swing from the high of $8,794 to the low of $8,263.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin’s Major Support Level Turns a Hurdle Point
The first major hurdle of the coin is close to the $8,470 mark, the previous support level of the coin. Furthermore, the recently highlighted major bearish trendline is active with hurdles close to the $8,470 mark on the one-hour chart of Bitcoin (BTC) against the USD. Over that level, the next major hurdle is close to the $8,500 and $8,520 marks.
Those hurdle points coincide with the 50 percent Fibonacci retracement level of the previous swing from the high of $8,794 to the low of $8,263. As such, the price of the digital currency must break over the $8,470 and $8,520 resistance levels to move back into the bullish zone. If this happens, Bitcoin (BTC) might find its way back to the $8,800 hurdle point.
Can the $8,000 level Prevent More Losses?
If the price of Bitcoin continues to head south, it could struggle to remain over the $8,200 support level. If it breaks below that level, chances are it might plunge to the $8k support mark in the short-term. The world’s largest digital currency by market cap seems to be showing some bearish signs and it appears there is a formation of an interim top near the $9,200 mark.
If Bitcoin breaks below the $8k level, the next bearish target could be the $7,800 mark. Below that level, the bears might aim for the $7,200 mark. At the time of writing, the major support levels of the coin are near $8,200 and $8,000.