Bitcoin price drops below $7,800 – The South African

Bitcoin News

In the past few weeks, the price of Bitcoin (BTC) has surged and reached new highs since early 2018. However, during the last 24 hours, the price entered a bearish zone as BTC declined below $7,600 against the US dollar.

Notably, the price of BTC retested around the $7,500 support area and is subsequently consolidating losses.  Analysts have argued that there is a crucial bearish trend line forming with resistance near $7,820 pm the hourly chart of the BTC/USD pair as per data from Kraken.

However, the pair could see a correction at a higher point, but the bulls are more than likely going to face resistance near the $7,800 and $7,900 marks.

BTC Price Analysis:

In the past few days, the bitcoin price started along a major decline path below $8,000 against USD. The BTC/USD pair declined massively and broke the $7,800 and $7,600 support levels. Notably, the pair broke the $7,800 level and the 100 hourly simple moving average. Eventually, the break came below the $7,550 level and the price test at the key support point of $7,500. As a result, a swing low was at around $7,502, and the price is currently on a path of correcting a higher level.

At the time of press, the price is testing the  $7,700 resistance area. However, if there is an upside correction, the price could very well restest in the $7,800 resistance area. Furthermore, there is a key bearish trend line forming with resistance near the $7,820 point on the hourly chart of the BTC/USD pair. Analysts argue that it is clearly ready to face an uphill battle near  $7,800, $7,850, and the 100 hourly SMA. Notably, the next key resistance is around the $8,000 level.

Many crypto investors and analysts have argued that there is currently enormous pressure below $7,800 and $8,000. If the trend continues and there is no close above the 100 hourly SMA, then the price of BTC could run the risk of more losses below the $7,600 mark. On the downside, if the main support is near $7,500, the price could dip as low as $7,200 again.

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