Bitcoin Breaks the Bull Session as it Tests Support at $8,200

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  • Bitcoin (BTC), at the time of writing, was trading at $8,261.99 on Coinbase
  • The coin has been giving consecutive highs and took a leap above $9,000 after a persistent trade above $8,000
  • The current price is not supported by any of the daily MAs at present
  • Lacks pace to have a constant trade above $9,000

Bitcoin against US Dollar is currently facing a pullback as the price slid below $9,000 and is testing support near $8,200 price area. The consistent uptrend projected is hit due to inherent volatility in the market and lack of support.

Bitcoin Price Analysis

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BTC/USD Chart By TradingView

Analyzing the 3-hourly 25-day movement of BTC/USD on Coinbase, we see that the coin is facing a pullback at present as the trading price has slid below the major supports. The supports at $8,800 and $8,500 seem to have been inactive as the Bitcoin price is currently trading around the critical price area at $8,200. A further fall is likely to hit the coin below $8,000 and lose all the gained milestones. The 20-day Bollinger Bands laid are seen moderately widening and therefore, we may see the volatility in the upcoming days. However, we also see a swift downtrend forming after hitting above $9,000 forming an apex and the price is sliding down.

Technical Indicators

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The technical indicators confirm the takeover by the bears as Bitcoin price tests support at $8,200. The MACD line seems approaching a crossover by the signal line for a death crossover.

The RSI of the BTC also exhibits the break of a bull session as it is marked at 28.33 and is slid below the major support at 30 showing intense selling pressure.