Bitcoin Price Watch: BTC/USD Likely To Consolidate Below $8,200 ByAayush JindalPRO INVESTOR Updated: 03 September 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Key Points Bitcoin price declined sharply and broke the $8,060 support level against the US Dollar. There is a key bearish trend line formed with resistance near $8,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to consolidate in the short term below the $8,060 and $8,200 resistances. Bitcoin price trimmed its intraday gains against the US Dollar. BTC/USD settled below $8,000 and is currently trading in a range near $7,900. Bitcoin Price Analysis Yesterday, there was a start of a downward move from the $8,500 swing high in bitcoin price against the US Dollar. The BTC/USD pair declined and broke the $8,300 and $8,100 support levels. There was also a close below the $8,060 support level and the 100 hourly simple moving average. The price even broke the $8,000 support and traded as low as $7,836. At the moment, the price is trading in a range near the $7,900 level. An initial resistance is the 23.6% Fib retracement level of the last decline from the $8,500 high to $7,836 low. The next hurdle is near the $7,060 resistance, which was a support earlier. The stated $7,060 resistance also coincides with the 100 hourly SMA. Above this, there is a key bearish trend line formed with resistance near $8,200 on the hourly chart of the BTC/USD pair. The trend line is positioned near the 50% Fib retracement level of the last decline from the $8,500 high to $7,836 low. Looking at the chart, the price is currently holding the $7,850 level. Should there be a break below this, the price could decline towards the $7,650 support area. In the short term, there could be range moves between $7,700 and $8,200. Looking at the technical indicators: Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI is currently flat near the 30 level. Major Support Level – $7,850 Major Resistance Level – $8,200 The post Bitcoin Price Watch: BTC/USD Likely To Consolidate Below $8,200 appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage