Bitcoin Accelerates Losses: Is $7,500 The Next Stop?

The BTC price corrected higher yesterday but still faces hurdles near the $8,000 mark and $8,100 region against the US dollar. As the latest crypto news show, Bitcoin accelerates the losses below $8,000 and it could soon gain momentum below this support line. The major bearish trend is all around, helping the trend line form with resistance near $8,240 on the hourly chart of the BTC/USD pair.

It all started yesterday, when we saw a downside extension in Bitcoin below the $8,000 support area against the US dollar. Bitcoin accelerates its losses right now after trading to a new monthly low at $7,915 and settling below the 100 hourly simple moving average.

As of recently, we saw an upside correction above the $8,000 level. Moreover, the price of Bitcoin recovered above $8,020. However, the upward move was capped by the $8,100 and $8,120 resistance levels. Besides this, the price failed to test the 50% Fib retracement level of the last decline from $8,336 to a low of $7,915.

It seems like there was a strong bearish reaction which besides Bitcoin, triggered the ETH news too. The next key support is near the $7,800 level. If there are more downsides soon, the BTC price may accelerate even below the recent low and visit the $7,600 and $7,500 levels in the near term. In a case like that, intermediate support would be below those levels – and now it is near the $7,720 level.

On the upside, the $8,000 and $8,020 levels are likely to act as hurdles for the bulls. The main resistance is near $8,120 and the 100 hourly simple moving average. Besides this, there is a major bearish trend line that is forming with resistance near $8,240 on the hourly chart.

As Bitcoin accelerates lower, the chart shows that the most dominant cryptocurrency is clearly under a lot of pressure right now. As long as we see no close above $8,120 and $8,240, there are chances of even more downsides. The main target for the bearish momentum is around the $7,600 and $7,500 levels.

The technical indicators as Bitcoin accelerates lower are as following:

• Hourly MACD – The MACD is still building up in the bearish zone.
• Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in a sharp decline and is well below the 40 level
• Major Support Levels – $7,800 and then $7,500.
• Major Resistance Levels – $8,020, $8,120 and $8,150.