Bitcoin Price Is Primed For Breakdown Below $8,000: Analysis

The USD value of the leading cryptocurrency has extended its decline over the past couple of days and is now below the $8,250 resistance area. Analysts show that the Bitcoin price is primed for a breakdown and will likely decline below the $8,000 and $7,800 support levels if the downward trend remains.

Speaking of, there were further losses in the Bitcoin (BTC) price below the $8,200 support area against the US dollar. BTC extended its decline below the 100 hourly simple moving average too – and tested the $8,000 support area.

This is how the Bitcoin price is primed for a decline – and how it formed a low near $7,987 before correcting higher. At one moment, we could see that price of BTC trading above the $8,100 level and testing the $8,150 resistance area.

The price seems to be facing a strong resistance near the $8,150 and $8,200 levels. It did shock a lot of investors when the crypto news posted a $8,631 high and a $7,987 low in one day for Bitcoin.

Analysts agree that Bitcoin is primed for another downfall and believe that there is a major bearis htrend line forming with resistance near $8,150. The technical analysis shows that the 50% Fib retracement level of the recent decline is pushing $8,300 to act as a resistance – and the next major resistance is at the $8,400 level.

The 61.8% Fib retracement level, on the other hand, shows that the Bitcoin price is primed for intermediate resistance near $8,360 and the 100 hourly simple moving average. On the downside, however, an initial support is near the $8,000 area.

If we see a daily close below $8,000, the price could even break the $7,800 support. Besides, the next key support is near the $7,400 level. Looking at the charts, the Bitcoin price is primed to face resistance near the $8,150 and $8,200 levels.

Thus, there is also a risk of more downsides below $8,000. In order to start a decent recovery and in order for the Bitcoin news now to initiate a positive run, the price must settle above $8,200 first and gain momentum above the $8,300 resistance area.

The total cryptocurrency market cap today is at $222 billion which is not a signal of a recovery coming. Other altcoins are still influenced by Bitcoin’s momentum and may decline further as well.