- Bitcoin retraces the steps above $8,000 but $8,200 proves to be unsustainable.
- The ongoing trend is inclined towards the bears but the technical show a sideways trading pattern between $8,000 and $8,200.
Bitcoin faced increased selling pressure on Saturday but saw a slight recovery on Sunday. Prior to that, BTC bulls had retraced the steps above $8,000 on Friday. However, it retested the $8,000 level but failed to sustain the upward trajectory.
Meanwhile, Bitcoin is teetering at $8,133 although the digital asset opened the session on Monday at $8.179. Asian trading hours have been characterized by increasing bearish and expanding volatility. For now, Bitcoin is holding ground above $8,100; the immediate upside is limited at $8,200.
The price is above the moving averages where the 50 SMA on the 4-hour chart will provide support at $7,903 while the 100 SMA is in line to prevent further losses at $7,574. Moreover, more support is expected at the 61.8% Fib retracement level taken between the laws swing high at $8,464 and a swing low at $6,852.
According to the Relative Strength Index (RSI) is inclined to towards the bares. The trend follows a recovery that failed at 65. As long as the indicator sustains the position above 50, it will be a doable task to sustain Bitcoin the $8,000 support.
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