- Bitcoin price is declining and it is now trading below the $8,800 level against the US Dollar.
- The price is trading with a bearish angle and it is likely to tumble below $8,600 and $8,500.
- Today’s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- A clear break below $8,600 is likely to push the price below $8,500 and $8,450.
Bitcoin price is setting up for another dive below $8,600 against the US Dollar. BTC could even struggle to hold $8,500, considering the current bearish formation.
Bitcoin Price Analysis
In morning, we discussed the chances of more losses and sell opportunities for bitcoin below $9,000 against the US Dollar. BTC remained in a bearish zone and it failed to break the $8,850 resistance area.