Bitcoin price declined more than $1K in the past few days and settled below the $8,080 support area. BTC/USD might correct higher, but it is likely to face hurdles near $8,080 and $8,200.
Likewise, most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX extended their decline. Overall, the crypto market is down more than $25.0B in the past few days and it remains at a risk of more downsides below the $200.0B support area.
Read: Compare the Top Brokers in our Guide
- Bitcoin price declined heavily and tested the $7,500 support area.
- Ethereum price is now trading well below the $178.00 and $168.00 support levels.
- Ripple price is following a significant downtrend below the $0.2650 resistance.
- EOS price failed to stay above the key $3.060 support and declined to $2.750.
- Litecoin price is struggling to stay above the key $50.00 support area.
- BTB, GAME, SUMO and DOS are up more than 150% in the past 7 days.
Bitcoin Price Analysis
This month, bitcoin price mostly followed a bearish path below the $8,800 support area. The recent decline gained pace after BTC price settled below the $8,200 and $8,000 support levels.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $7,800 support and settled well below the 21 simple moving average (4-hours). Finally, the price tested the $7,500 support area and a new monthly low was formed near $7,506.
At the moment, the price is consolidating losses and trading above the $7,550 level. An immediate resistance on the upside is near the $7,785 level.
Besides, the 23.6% Fib retracement level of the recent drop from the $8,693 high to $7,506 low is also near the $7,785 level. If there is an upside break above $7,785 and $7,800, the price could recover in the near term.
The next major resistance is near the $8,000 and $8,050 levels. Besides, the 50% Fib retracement level of the recent drop from the $8,693 high…