Bitcoin Price Analysis – Bears in Control as BTCUSD Drops Below $8,000

Bitcoin price is bearish below $8,000 and the BTCUSD pair remains at a risk of an extended decline towards the $7,500 weekly target.

Bitcoin Price Medium-Term Analysis

Last week, the price of Bitcoin (BTC) was in a bearish trend following a decline from the $8,500 level. The bears broke the $8,300 and $8,200 support levels to enter a bearish trend zone. On September 6, the bearish pressure intensified as Bitcoin price dived below the critical support level $8,000 to form a new weekly low near $7,770 level.

Bitcoin price is trading below the 9-day and 21-day Moving Averages (MA) at $7,947 as at the time of writing.

On the upside, if more buyers emerge, the crypto’s price will rise and retest the $8,000 price level. Conversely, if the downside momentum continues, the next target for the bears will be $7,500.

Meanwhile, the Moving Averages Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.

BTCUSD Price Short-term Analysis

On the 1-hour chart, BTCUSD price is in a bearish trend while trading below the $8,000 level. If the crypto’s price fails to move up; we may see extend declines below the $7,750 and $7,650 support levels. However, if buyers can reinforce and power the market, traders can expect face resistance near $8,000 or $8,050 levels.

The BTC price is now facing resistance at the $7,990 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

• Resistance Levels: $7,990, $8,000 $8,050
• Support levels: $7,770, $7,750, $7,500

Disclaimer

Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.