Bitcoin - $8,500: Level to pay attention
After a sudden pump, the price of Bitcoin has rolled back to $9,000. However, our earlier forecast is still relevant and a decline to $8,700 and below will happen this week.
On the 1H chart, the $8,600 and $8,500 levels are critical support, as they previously acted as obstacles. In addition, the Fibonacci retracement rate of 61.8% from $7,425 and up to the high of $10,591 can also provide support for the rally.
Thus, support at the level of $8,500 is likely to become the main one. If the price cannot be kept above $8,500, the downtrend will continue.
On the 1H chart, the $8,600 and $8,500 levels are critical support, as they previously acted as obstacles. In addition, the Fibonacci retracement rate of 61.8% from $7,425 and up to the high of $10,591 can also provide support for the rally.
Thus, support at the level of $8,500 is likely to become the main one. If the price cannot be kept above $8,500, the downtrend will continue.
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