- Bitcoin price climbed to $8,950, but failed to continue higher against the US Dollar.
- The price is down around $500, but it is holding the key $8,400 and $8,350 supports.
- There is a major bullish trend line forming with support near $8,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price could test the $8,350 support and it is likely to recover in the near term.
Bitcoin price is trading with swing moves below $9,000 against the US Dollar. BTC declined sharply from $8,950, but it is now approaching a couple of important supports.
Bitcoin Price Analysis
Recently, there was a sharp rise in bitcoin above the $8,600 and $8,650 resistance levels against the US Dollar. Moreover, the price spiked above the $8,800 resistance area and remained well above the 100 hourly simple moving average. The price traded close to the $8,950 level and formed a new weekly high at $8,934. However, the price struggled to continue higher and there was a sharp decline below $8,800.
Additionally, the price broke the 61.8% Fib retracement level of the recent rally from the $8,457 low to $8,934 high. There is a large red candle forming on the hourly chart with body below $8,600. The price even traded below the last swing low at $8,457. However, the $8,400 support area is acting as a decent support. More importantly, there is a major bullish trend line forming with support near $8,400 on the hourly chart of the BTC/USD pair.