Bitcoin Price Analysis: BTC Facing Uphill Task Near $8,000

Bitcoin price revisited the key $7,500 support area against the US Dollar, where the bulls emerged.The price recovered recently above $7,800, but it is facing a strong resistance near the $8,000 level.There was a break above a major bearish trend line with resistance at $7,865 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is currently struggling to clear the $8,000 resistance and the 55 SMA (4-hours).Bitcoin Price AnalysisRecently, bitcoin price declined below the $8,200 and $8,000 support levels against the US Dollar. The BTC/USD pair even broke the $7,750 support area. There was a close below the $8,000 level and the 55 simple moving average (4-hours). It opened the doors for more losses and the price tested the main support area near the $7,500 level. A swing low was formed at $7,427 before the price started an upside correction.It broke the $7,800 level and the…

Read the original article here