RATE Group | Bitcoin price prediction: BTC/USD resumes the decline, $8,000 still holds up
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Bitcoin price prediction: BTC/USD resumes the decline, $8,000 still holds up

08 Oct Bitcoin price prediction: BTC/USD resumes the decline, $8,000 still holds up

Posted at 16:59h in Bitcoin News by

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  • BTC/USD lose some ground as upside momentum is fading away 
  • A sustainable move below $8,000 will take the price again to $7,700.

Bitcoin (BTC) resumed the decline after unsuccessful attempts to break above the resistance at $8,300. The first digital coin topped at $8,344 and retreated to $8,180 by the time of writing. BTC/USD has gained 2.8% since this time on Monday and stayed unchanged since the beginning of the day.

Bitcoin confluence levels 

BTC/USD touched $8,153 twice during European hours on Tuesday. Both times fresh buying interest located on the approach to $8,150 support helped to stop the decline. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$8,250 – 61.8% Fibo retracement weekly, SMA10 (Simple Moving Average) daily;
$8,300 – the intraday high, the upper line of one-hour Bollinger Band;
$8,550 – Pivot Point one-week Resistance 1, SMA200 daily

Support…

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