BTC/USD Technical Analysis: 8K might be the next support zone
|- The general crypto sentiment is still weak as BTC/USD heads to 8K.
- At the moment the internal trendline support is holding but the volume is still supporting the buy-side.
Bitcoin Daily Chart
BTC/USD has been making a consolidation pattern that has been grinding lower towards 8K.
Right now the price is at the peak of the current distribution area that could potentially provide some support.
The key support level is 7296.44 and if that level breaks it could indicate some more weakness to the downside.
The resistance zone above the price at the moment is holding at 9071.00. This level has been used as support three times on the chart below.
Having said that if the price does manage to break it will be a good bullish signal.
For now, this is a consolidation phase and volatility is low. There seems to be the need for a catalyst to inspire some volatility in price.
Additional Levels
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