Bitcoin (BTC) Price Eyeing Fresh Monthly Low Below $8.5K
Bitcoin price is trading in a downtrend below $8,800 and $9,000 against the US Dollar.The price is currently declining and it seems to be struggling near the $8,840 level.Yesterday’s major bearish trend line is active with resistance near $8,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).The bulls need to push the price above $8,840 and $8,920 to start a decent recovery.Bitcoin price is struggling to gain ground above $8,800 against the US Dollar. Recently, BTC traded as low as $8,560 and it remains at a risk of more losses below $8,500.Bitcoin Price AnalysisIn the past few days, there were lower lows formed in bitcoin after it settled below $9,000 against the US Dollar. Bitcoin PriceLooking at the chart, bitcoin is facing an increase in selling pressure below $8,800. If it fails to stay above $8,700, the bears could gain momentum for a push below the $8,600 and $8,500 levels.Technical indicators:Hourly MACD – The MACD is currently moving back into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level, with a few positive signs.Major Support Levels – $8,560 followed by $8,500.Major Resistance Levels – $8,800, $8,850 and $8,920.
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Author: Aayush Jindal