{"id":400264,"date":"2019-10-02T06:00:42","date_gmt":"2019-10-02T06:00:42","guid":{"rendered":"https:\/\/wncen.com\/?p=400264"},"modified":"2024-06-11T12:53:07","modified_gmt":"2024-06-11T12:53:07","slug":"bitcoin-price-btc-remains-vulnerable-below-8500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-remains-vulnerable-below-8500\/","title":{"rendered":"Bitcoin Price (BTC) Remains Vulnerable Below $8,500"},"content":{"rendered":"<ul>\n<li>Bitcoin price struggled to climb above $8,500 and declined recently against the US Dollar.<\/li>\n<li>The price is currently trading below $8,300 and it could continue to decline towards $8,100.<\/li>\n<li>There was a break below an ascending channel with support near $8,275 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could decline further towards the $8,100 or $8,000 support in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price is struggling to continue higher above $8,400 and $8,500 against the US Dollar. BTC must stay above $8,000 to start a fresh increase.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, there was a <a href=\"https:\/\/wncen.com\/2019\/10\/01\/bitcoin-price-btc-upward-drift-facing-key-resistance\/\" target=\"_blank\" rel=\"noopener noreferrer \">nice upside correction<\/a> in bitcoin above the $8,200 resistance against the US Dollar. The BTC\/USD even settled above $8,200 and the 100 hourly simple moving average. Moreover, the price surpassed the $8,400 resistance level. However, the bulls struggled near the key $8,500 resistance area. As a result, the price topped near the $8,540 level and recently started a downward move.<\/p>\n<p>It broke the $8,400 support area, plus the 23.6% Fib retracement level of the last leg from the $7,653 low to $8,539 high. Moreover, there was a break below an ascending channel with support near $8,275 on the hourly chart of the BTC\/USD pair. The pair tested the $8,200 support area and the 100 hourly simple moving average. If there are more downsides, the price could test the $8,100 support area.<\/p>\n<p>Besides, the 50% Fib retracement level of the last leg from the $7,653 low to $8,539 high is also near the $8,100 level. Any further losses may perhaps drag the price towards the $8,000 handle. The 61.8% Fib retracement level of the last leg from the $7,653 low to $8,539 high is also near $7,992. If the price settles below $8,000, there could be additional losses towards the <a href=\"https:\/\/wncen.com\/2019\/09\/30\/bitcoin-price-btc-staging-another-dip-before-it-could-recover\/\" target=\"_blank\" rel=\"noopener noreferrer \">$7,500 support<\/a>.<\/p>\n<p>On the upside, an immediate resistance is near the $8,300 level. However, the bulls are likely to face a strong resistance near the $8,500 level. A clear break above the $8,500 level may perhaps push the price towards the key $8,750 resistance area.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-1.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-400265\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-1.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-1.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-1.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-1.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin clearly failed to surpass the $8,500 resistance area and started a fresh decline. On the downside, the $8,100 and $8,000 supports are important. If the bulls fail to protect $8,000, the price is likely to resume its decline towards the $7,500 support area in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now back in the bearish zone, with negative signs.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it is now well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,100 followed by $8,000.<\/p>\n<p>Major Resistance Levels \u2013 $8,300, $8,400 and $8,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price struggled to climb above $8,500 and declined recently against the US Dollar. The price is currently trading below $8,300 and it could continue to decline towards $8,100. There was a break below an ascending channel with support near $8,275 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could decline further towards the $8,100 or $8,000 support in the near term. Bitcoin price is struggling to continue higher above $8,400 and $8,500 against the US Dollar. BTC must stay above $8,000 to start a fresh increase. Bitcoin Price Analysis Yesterday, there was a nice upside correction in bitcoin above the $8,200 resistance against the US Dollar. The BTC\/USD even settled above $8,200 and the 100 hourly simple moving average. Moreover, the price surpassed the $8,400 resistance level. However, the bulls struggled near the key $8,500 resistance area. As a result, the price topped near the $8,540 level and recently started a downward move. It broke the $8,400 support area, plus the 23.6% Fib retracement level of the last leg from the $7,653 low to $8,539 high. Moreover, there was a break below an ascending channel with support near $8,275 on the hourly chart of the BTC\/USD pair. The pair tested the $8,200 support area and the 100 hourly simple moving average. If there are more downsides, the price could test the $8,100 support area. Besides, the 50% Fib retracement level of the last leg from the $7,653 low to $8,539 high is also near the $8,100 level. Any further losses may perhaps drag the price towards the $8,000 handle. The 61.8% Fib retracement level of the last leg from the $7,653 low to $8,539 high is also near $7,992. If the price settles below $8,000, there could be additional losses towards the $7,500 support. On the upside, an immediate resistance is near the $8,300 level. However, the bulls are likely to face a strong resistance near the $8,500 level. A clear break above the $8,500 level may perhaps push the price towards the key $8,750 resistance area. Looking at the chart, bitcoin clearly failed to surpass the $8,500 resistance area and started a fresh decline. On the downside, the $8,100 and $8,000 supports are important. If the bulls fail to protect $8,000, the price is likely to resume its decline towards the $7,500 support area in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is now back in the bearish zone, with negative signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it is now well below the 50 level. Major Support Levels \u2013 $8,100 followed by $8,000. Major Resistance Levels \u2013 $8,300, $8,400 and $8,500.<\/p>\n","protected":false},"author":67,"featured_media":328922,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-400264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price (BTC) Remains Vulnerable Below $8,500<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to continue higher above $8,400 and $8,500 against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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