Bitcoin Is Still Vulnerable, Trading Below $8,500 Today

The latest Bitcoin news show that the most dominant cryptocurrency is struggling to climb above $8,500. As we can see from recently, it declined against the US dollar and is currently trading at around $8,250 with a potential to visit the $8,100 region. All of this implies that Bitcoin is still vulnerable even despite the nice upside corrections yesterday.

The BTC/USD pair even settled above $8,200 and the 100 hourly simple moving average shows that the bulls are struggling near the $8,500 resistance area. BTC is failing to break this level and as a result, is still trading in a vulnerable position.

What is obvious right now is the fact that Bitcoin is still vulnerable and could visit lower regions. Besides this, 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 of the further losses may perhaps drag the price towards the $8,000 handle.

As it stands, the 61.8% Fib retracement level of the last leg is also near $7,992 which shows that if the price settles below $8,000, there could be additional losses towards the $7,500 support. As we reported in our crypto news a while ago, there are a lot of misconceptions about Bitcoin at this point.

What’s good at this point is the fact that on the upside, an immediate resistance is near the $8,300 level. Nonetheless, the bulls are very likely to face strong resistance near the $8,500 area – again showing that Bitcoin is still vulnerable in this position and finds it hard to break through it.

When looking at the Bitcoin price news, the chart suggests that BTC clearly failed to surpass the $8500 resistance area, initiating a fresh decline. On the downside, we can see that $8,100 and $8,000 are levels which are still important. If the bulls fail to protect them, BTC is likely to resume its decline and visit the $7,500 region soon.

Bitcoin is still vulnerable at the start of this month, and the technical indicators for BTC/USD are as following:

• Hourly MACD – The MACD is still in the bearish zone, posting negative signs.
• Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in a decline and is now well below the 50 level.
• Major Support Levels – $8,100 and then followed by $8,000.
• Major Resistance Levels – $8,300, $8,400 and $8,500.

The total cryptocurrency market cap today is at $220 billion.