In the past few weeks, the price of Bitcoin (BTC) has surged and reached new highs since early 2018. However, during the last 24 hours, the price entered a bearish zone as BTC declined below $7,600 against the US dollar.

Notably, the price of BTC retested around the $7,500 support area and is subsequently consolidating losses.  Analysts have argued that there is a crucial bearish trend line forming with resistance near $7,820 pm the hourly chart of the BTC/USD pair as per data from Kraken.

However, the pair could see a correction at a higher point, but the bulls are more than likely going to face resistance near the $7,800 and $7,900 marks.

BTC Price Analysis:

In the past few days, the bitcoin price started along a major decline path below $8,000 against USD. The BTC/USD pair declined massively and broke the $7,800 and $7,600 support levels. Notably, the pair broke the $7,800 level and the 100 hourly simple moving average. Eventually, the break came below the $7,550 level and the price test at the key support point of $7,500. As a result, a swing low was at around $7,502, and the price is currently on a path of correcting a higher level.

At the time of press, the price is testing the  $7,700 resistance area. However, if there is an upside correction, the price could very well restest in the $7,800 resistance area. Furthermore, there is a key bearish trend line forming with resistance near the $7,820 point on the hourly chart of the BTC/USD pair. Analysts argue that it is clearly ready to face an uphill battle near  $7,800, $7,850, and the 100 hourly SMA. Notably, the next key resistance is around the $8,000 level.

Many crypto investors and analysts have argued that there is currently enormous pressure below $7,800 and $8,000. If the trend continues and there is no close above the 100 hourly SMA, then the price of BTC could run the risk of more losses below the $7,600 mark. On the downside, if the main support is near $7,500, the price could dip as low as $7,200 again.

(Excerpt) Read more Here | 2019-06-10 10:19:57
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