BTC/USD technical analysis: Bitcoin making another attempt at the 8,400.00 mark

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BTC/USD daily chart

Bitcoin (BTC/USD) bulls tried to reclaim prices above 8,400.00 but they got overwhelmed by sellers as the market created a double top and an inside bar, suggesting potential weakness ahead.

BTC/USD 4-hour chart 

BTC/USD is consolidating below the 8,000.00 figure and just above the 50 SMA. If bears break 7,500.00 support the market can keep dropping towards the 6,500.00 swing low. On the flip side, a break above the 8,400.00 can send the cryptocurrency towards the 8,800.00 level.


Additional key levels

 

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