Bitcoin (BTC) heads to the South, $8,000 in focus

BTC/USD has resumed the sell-off during Asian hours on Friday.
The critical support at $8,000 is a threshold for Bitcoin bulls.

Tanya Abrosimova Independent Analyst

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.

BTC/USD, 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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