Bitcoin market update: Bears thrust BTC/USD below $8,000

  • Bitcoin price makes a comeback under $8,000 after hitting a snag at $8,050.
  • The retreat is likely to find support at $7,800 if $7,900 gives in to the bearish pressure.

Bitcoin's struggle to stay above $8,000 failed to yield as the price dipped towards $7,900. The entire crypto market is bleeding with the majority of the major cryptocurrencies recording losses at the beginning of the European session on Wednesday.

The largest cryptocurrency in the world opened the day’s trading at $8,023. A short-lived upward leg hit an intraday high of $8,049. The bearish action that followed the failed attempt to break the resistance at $8,050 refreshed levels towards $7,900 whereby Bitcoin formed a low at $7,937.

Meanwhile, the price is teetering at $7,961 and is below a short-term ascending trendline support. All indicators including the Relative Strength Index (RSI) show that the trend is in the hands of the bears. The RSI has dived into the oversold while the Moving Average Convergence Divergence (MACD) is below the zero line. The bearish cross seen with the MACD emphasis on the developing negative momentum.

BTC/USD one-hour chart

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