Bitcoin (BTC) Continues to Descend; Tests Support Below $8,200
- Bitcoin tests support near $8,200 and $8,000 as it slips downwards
- The price is approaching $8,000, and if it draws a bearish trendline even below, it is likely to face resistance at $7800 and $7,650
- BTC/USD price has been testing every support level by creating a narrow price range
- Bitcoin trades in the strong selling zone, having no support from the moving averages at present
The largest cryptocurrency is recording one fall after another for a long time now. It was anticipated that the market would recover in the last quarter while the ongoing year prepares to near its end. However, the current scenario is such that many investors may not be able to even fetch their capital. The intraday trading movement on Coinbase is even distressing, as the coin records the lowest at $8,019.19 in the past 2 days.
Bitcoin Price Analysis:
Analyzing the half-hourly movement of BTC/USD over the past 2 days, we see that the coin faced a brief encounter with the previous resistance price areas viz., $8,500, and $8,600.
However, instead of taking a break above, it plunged just yesterday to trade at $8,019.19 and tests major support at $8,200 and $8,000.
While, currently Bitcoin price trades at $8,150.00, after having hit $8,200 and gains support from the 10-day moving average.
If the price of the BTC coin breaks down even further, it is likely to face the next support at $7,800 and $7,650, As per the Bitcoin price prediction and current price movements, the coin is likely to trade upwards in the near future.
Technical Analysis of BTC:
The MACD of BTC price is below zero, where the signal line has cut the MACD line from above but still moves adjacent and holds moderate bearishness.
The RSI of Bitcoin is at 43.17 and majorly inclined towards the oversold region due to the current selling pressure.
