Tanya Abrosimova
Independent Analyst
- BTC/USD has resumed the sell-off during Asian hours on Friday.
- The critical support at $8,000 is a threshold for Bitcoin bulls.
Bitcoin (BTC) resumed the decline after a short period of consolidation. The first digital coin has lost over 1% of its value since the beginning of the Asian session on Friday. At the time of writing, BTC/USD is changing hands at $8,131, moving within a short-term bearish trend.
Looking technically, the local support is created by $8,100. It is followed by the lower line of the 1-hour Bollinger Band at $8,070. Once it is cleared, the downside is likely to gain traction with the next focus on critical $8,000. This barrier stopped the sell-off on Thursday, though a move below may set the bear’s ball rolling really fast.
On the upside, the recovery is capped by 8,300 strengthened by SMA200 (Simple Moving Average) on 1-hour chart). We will need to see a sustainable move above this handle will open up the way towards the next bullish aim of $8,500 with the middle line of 1-hour Bollinger Band locate don approach.
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