Bitcoin price is struggling to recover above $8,075 and $8,120. BTC/USD is currently declining and it might attempt a bearish break below the $7,700 support area.
Recently, there was a minor upside correction in the bitcoin price from the $7,700 swing low. BTC/USD recovered above the $7,900 and $7,950 resistance levels.
Looking at the 1-hour chart, the price even recovered above the $8,000 resistance and the 25 simple moving average (1-hour, orange). Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $8,799 swing high to $7,700 low.
However, the price is facing a lot of hurdles near the $8,075 level. At the outset, the bitcoin price is following a major bearish trend line with resistance near $7,955 on the same chart.
To start a decent recovery, the price must surpass the trend line and then gain pace above the $8,075 resistance level. The next key resistance is visible near the $8,245 area (the recent breakdown zone).
The 50% Fib retracement level of the downward move from the $8,799 swing high to $7,700 low is also near the $8,249 level to prevent a fresh increase in the coming sessions. A clear break above $8,250 might start a convincing upward move towards $8,880.
If bitcoin fails to recover above $8,075, it could resume its decline. It is currently trading with a bearish angle below $7,900 and it remains at a risk of more losses below the $7,800 level.
The main support is near the $7,700 level, below which BTC price might dive and extend its decline. The next key support is near the $7,580 level, followed by the $7,400 area.