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Marker overview

? Market Overview

Bitcoin is currently recovering from the $8,512 weekly low against the US Dollar. However, BTC price is still facing many key hurdles near $9,000 and it could resume its decline.

? Bitcoin is showing signs of a short term upside correction from $8,512 against the USD;

? There is likely a bearish flag forming with support near $8,735 on the hourly BTC/USD chart;

? The pair could resume its decline below the $8,735 and $8,600 levels in the near term.

Bitcoin Is Facing Key Hurdles

A new weekly low is formed near $8,512 and the price is currently correcting losses.

Moreover, there are many resistances forming near the $9,000 and $9,200 levels. More importantly, there is likely a bearish flag forming with support near $8,735 on the hourly chart of the BTC/USD pair.

The next major support and buy zone is near the $8,200 level. In the medium term, bitcoin price is likely to bounce back as long as there is no daily close below $8,000.

Technical indicators:

— The MACD is slowly moving in the bullish zone;

— The Hourly RSI for BTC/USD is currently just below the 50 level;

— Major Support Levels – $8,735 followed by $8,500;

— Major Resistance Levels – $9,000, $9,200 and $9,280.

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