Bitcoin Price Analysis: Turmoil as BTC/USD crash almost hits $8,000

  • Bitcoin price free fall closes in on $8,000 amid broad-based market declines.
  • BTC/USD attempts recovery on Monday but $8,200 is a tough nut to crack.

Bitcoin price weekend trading session culminated in the most devastating fall in value since the beginning of March. According to data by CoinMarketCap, BTC/USD opened the session on Sunday at $8,908 which closed at $8,108. The session of Monday has commenced with Bitcoin bulls gathering the little strength they have to first, defend the support at $8,000 and secondly, push for a reversal towards $9,000.

In the meantime, BTC/USD is dancing at $8,071 after advancing upwards from $8,036 (opening value). The largest cryptocurrency by market capitalization has touched $8,014 (intraday low). At the same time, the farthest it has gone to the upside is $8,183 (intraday high) during the Asian session.

Bitcoin price analysis

BTC/USD is trading under the moving averages as well as the two-month ascending trendline. Former support levels have quickly been turned into resistance zones. Besides, the prevailing momentum according to the RSI signals that movements north would continue to be scarce in the sessions to come. The RSI is holding the ground above $9,000 but remains relatively horizontal with the motion at 34. The 200-day SMA at $8,710 and the 50-day SMA at $9,306 are key resistance zones.

BTC/USD 4-hour chart

BTC/USD price chart

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