- After consolidating above $9,000, bitcoin declined heavily against the US Dollar.
- The price is currently trading in a bearish zone, with a close below $9,000 and $8,920.
- There was a break below a major contracting triangle with support near $9,180 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The price is currently showing bearish signs and it could decline further towards $8,560 or $8,300.
Bitcoin price is trading in a downtrend below $9,000 against the US Dollar. BTC remains at a risk of more downsides towards $8,300 in the near term.
Bitcoin Price Weekly Analysis (BTC)
In the past few days, bitcoin consolidated in a range above the $9,000 support against the US Dollar. However, the bulls failed to protect losses, resulting in a downside break below the key $9,000 support area.
Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,317 low to $10,578 high. More importantly, there was a break below a major contracting triangle with support near $9,180 on the 4-hours chart of the BTC/USD pair.It opened the doors for more losses below the $8,920 support and the 100 simple moving average (4-hours). The decline was strong and bitcoin even settled below the $8,800 level.
At the moment, the price is consolidating below the $9,000 and $8,900 levels. An immediate support is near the $8,600 and $8,560 levels. Moreover, the 61.8% Fib retracement level of the upward move from the $7,317 low to $10,578 high is near the $8,560 level. If there are more downsides, the price could slide towards the $8,330 and $8,300 support levels. The mentioned $8,300 area acted as a resistance earlier and now it is likely to provide support.