- Bitcoin price is struggling to recover above $8,800 and $8,840 against the US Dollar.
- The price is slowly moving lower and it is likely to decline sharply below $8,600.
- Morning’s bearish trend line is active with resistance near $8,775 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- It seems like there could be a nasty decline below $8,600 before the price starts a decent recovery.
Bitcoin price is still trading in a downtrend below $8,800 against the US Dollar. BTC needs to settle above the $8,920 and the 100 hourly SMA to start a recovery.
Bitcoin Price Analysis
In morning, we saw an upside correction in bitcoin from the $8,560 swing low against the US Dollar. However, BTC faced a strong resistance near the $8,800 level and the 100 hourly simple moving average.
There was another decline below the $8,750 level. Moreover, the price broke the 23.6% Fib retracement level of the upward move from the $8,560 low to $8,839 high. The price even broke the $8,720 level, but it stayed above the $8,700 level.