Bitcoin price analysis: BTC/USD increasing selling activities endanger $7,700 key support
|- Bitcoin stays under $8,000 as attempts to correct are thwarted by rising selling pressure.
- $7,700 remains the key support area but $7,500 is expected to offer additional support.
Bitcoin has remained largely unchanged over the weekend session. The minor changes that occurred were not positive and saw BTC/USD refresh losses under $8,000. Attempts to make it back above $8,000 have been unsuccessful.
The prevailing trend during the Asian session on Monday is strongly bearish with Bitcoin having kicked off the session at $7,860 and adjusted to the last price of $7,833. This follows a 0.34% loss on the day.
Technical indicators show an inclination to the negative with the relative strength index grinding into the oversold. The moving average convergence divergence is under the zero line. Moreover, the visible negative divergence suggests that bear pressure is rising.
If the same trend continues $7,700 key support area will remain on the verge of being compromised. However, $7,500 will come in handy in the event declines push harder.
BTC/USD four-hour chart
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