Bitcoin price is declining heavily below the $8,980 support area. BTC to USD is under pressure and it might continue to slide towards the $8,500 support area.
Today, bitcoin price saw an increase in selling pressure below the $9,180 pivot level. The bears took control and pushed the price below many key supports near the $9,000 and $8,980 levels.
Looking at the 2-hours chart, bitcoin even settled below the $8,980 level and the 50 simple moving average (2-hours, purple). The recent decline was nasty as the price even tumbled below the $8,850 level.
It traded as low as $8,710 as of now and it seems like there could be more downsides in the coming sessions. An immediate resistance is near the 23.6% Fib retracement level of the recent decline from $9,252 to $8,710.
On the upside, there are many hurdles for the bulls near the $8,980 and $9,000 levels (the previous support levels). It also coincides with the 50% Fib retracement level of the recent decline from $9,252 to $8,710.
Therefore, bitcoin price is facing a strong resistance near $8,890 and a bearish trend line on the same chart. On the downside, an immediate support is near the $8,700 level. If there is a downside break below $8,700, the price could decline heavily towards the $8,500 level.
To move back into a positive zone, the price must settle above $8,980 and $9,000. The next key resistance above $9,000 is near the $9,260 level since it coincides with the 50 simple moving average (2-hours, purple).
Overall, bitcoin price remains at a risk of more downsides below $8,700 unless it recovers sharply and climb back above the $8,980 and $9,000 resistance levels in the near term.