Bitcoin (BTC) Sinks below $8,000, After Price Rejection from $9,000 Resistance

BTC/USD is in a downward movement as it reaches below $8,000. The bulls have earlier made a decisive move above the $9,000 mark but could not push above $9,200—a failure to push above $9,200 ended in the current downward movement.

BTC/USD – Daily Chart

BTC/USD – 4 Hour Chart. Source: Trading View
On the 4-hour chart, the price has been consolidating below $9,200 and unable to break above it. On March 7, BTC has a price breakdown, as the market dropped below $8,000. The bears broke the support of $8,200, and it is approaching the low of $7,800.

In the course of the downward move, the bears broke below the lower line of the descending channel. This indicates that the downward move will continue. Nonetheless, the Relative Strength Index has fallen to level 21, which suggests that the market has reached the oversold region of the market. The emergence of buyers is likely if BTC finds support at $7,800.

Bitcoin Makes a Final Push to the Low of $7,000

BTC/USD – 4 Hour Chart

BTC/USD – Daily Chart Source: Trading View

On the daily chart, after the bulls were resisted at $9,000, the coin fell to the low of $8,000. The bears broke the $8,000 support and continued the downward move. Bitcoin is currently trading at $7,822.

BTC is expected to find support at $7,800, but if the support cracks, the downward move will continue to the low of $7,000. In the meantime, BTC has dropped below 20% range of the daily stochastic. Bitcoin is back in the oversold region of the market as the selling pressure begins to wane down.

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