On Friday morning, Bitcoin (available on Coinbase) price continued its downward movement from earlier this week, falling below the key support level of $8,200. At one point, BTC/USD was below $8,000; a one-month low. The coin hasn’t been able to break above the key resistance of $8,500 for the past three days. Currently, BTC/USD is trading at around $8,100 as of 12 PM EST.

Bitcoin (available on Coinbase) Fails To Rally

Despite all the hype surrounding Bitcoin (available on Coinbase) throughout the “Blockchain Week” event held in New York, the cryptocurrency failed to rally as people had hoped. Instead, Bitcoin (available on Coinbase) price even fell below the pivotal $8,000 mark at one point as the conferences wrapped up on Friday. Historically, Bitcoin (available on Coinbase) price tends to rally significantly around this annual event. This year’s conference drew in more than 8,500 attendees, more than triple the 2,700 attendees reported for last year’s event.

The good news is that Bitcoin (available on Coinbase) is on another short-term bullish run, which already took BTC/USD back above $8,000. Now, it’s looking to test a resistance of $8,130. The fact that the coin is below its moving averages means a further bounce up is possible.

On the downside, should a reverse materialize, Bitcoin (available on Coinbase) price could once again drop below $8,000. Once that happens, a new month-low could occur, and we may even see Bitcoin (available on Coinbase) reach $7,500 later on.

Source: Tradingview

The technicals indicate that Bitcoin (available on Coinbase) is still in bear territory, though the coin is still way oversold. In the short term, a big rally is unlikely to transpire, while another bearish run toward $7,500 could be on the cards.

Looking at the Technical Indicators:

Hourly MACD — Bitcoin (available on Coinbase) is in bearish territory
Hourly RSI — Bitcoin (available on Coinbase) is oversold
Major Resistance Level — $8,130
Major Support Level —$8,000

Featured Image: twitter

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