Bitcoin price forecast: Bearish momentum remains strong as the BTC / USD price falls below $ 8,000

BTC / USD struggled to hold above $ 8 The coin is in a dangerous position as the price has dropped below the critical support level of $ 8. during the early Asian hours. If the breakthrough is confirmed, the downward momentum may gain intensity with the next concentration at $ 7 92. At the time of writing, Bitcoin was trading below the 9 day and day moving averages at $ 7,836. 92 with a decline of 2, 5% on the daily price chart.In addition, a key uptrend could likely form at the top of the channel, with support near USD 7 900 on the daily chart.

However, if the decline occurs below the trendline, the price could widen its downward correction to $ 7 800 and any other loss could push Bitcoin’s price down to the support level of $ 7 300.However, should the BTC price not rise; We may see a price drop to $ 7. vital support. Another low drive could raise the price to $ 6 500, $ 6, and $ 6, 400 support levels, while resistance levels observed are $ 9, $ 9, 14, and $ 9, 32. Still holds BTC with the RSI (21 continues a bearish trend on the daily chart) move 03 – level.

According to the 4 hour chart, the bears have dominated the market and the price has dropped well below the 9 day and – moving daily averages towards the south. However, if the price drops below the descending channel trend line and continues to fall, the support level is USD 7 900 and below may come into play.