- Bitcoin refreshes $7,400 following the sharp dive below $8,000.
- Recovery to $9,000 will not come easy owing to the numerous hurdles including $7,673 and $7,909.
Bitcoin was the biggest loser in the sharp declines witnessed across the board on Thursday. After breaking down $8,000 support, the price spiraled targeting $7,000. However, $7,400 stood as a strong support area with high buyer congestion. Bitcoin has since made a shallow recovery above $7,500 but $7,600 remains unconquered.
The prevailing trend is strongly bearish with Bitcoin having corrected lower 0.94% to exchange hands at $7,540. As the volatility expands, selling pressure is also increasing across the board.
Luckily Bitcoin is sitting above several key support areas including $7,516 and $7,358. The first support is home to the Bollinger Band 1-hour lower curve and the pivot pint one-month support one. The indicators at $7,358 are the previous month low and the pivot point one-day support one.
As far as recovery is concerned, the journey to $9,000 will be a bumpy one. However, the most prominent resistance is placed at $8,537. Between the current price at $7,540 and $8,537 exists other medium-strong resistance zones at $7,673, $7,909 and $8,223.
More confluence levels