Bitcoin News Today – Over the past few days, Bitcoin (BTC) has lost more than $1,500 of its value against the US dollar. The digital currency is now susceptible to a plunge towards the $8,200 or $8k marks before a strong upward move in the coming days.

Bitcoin at Risk of Plunging to $8,000

Earlier this week, the price of Bitcoin (BTC) plunged below the $9,200 and $9k support levels against the US dollar. The digital currency continued its downtrend and settled below the $9k level and the 100 simple moving average. Bitcoin (BTC) plunged to a new weekly low at $8,441 and it recently started consolidating losses.

There was a slight upwards correction over the $8,550 and $8,700 marks. Moreover, there was a break over the 23.6 percent Fibonacci retracement level of the recent heavy decline from the high of $10,020 to the low of $8,441. Nevertheless, the recent correction failed close to the $8,950 and $9k marks. It seems like the bulls are struggling to amass traction over the $8,800 mark.

Bitcoin (BTC) Price Today – BTC / USD

There is a formation of a key declining channel with a hurdle close to the $8,660 mark on the 4-hour chart of the BTC/USD trading pair. On the downside, the $8,500 and $8,450 marks are the immediate supports. If the bulls fail to hold gains and defend the recent swing low of $8,441, chances are the digital currency might experience a sharp decline.

Below that level, the next major support of the coin is close to the $8,200 and $8k marks, where the bulls are likely to show up. At the time of writing, the price of Bitcoin (BTC) is down by more than 3 percent, and the digital currency has been hovering around the $8,500 mark over the past few hours.

Will Bitcoin Bulls Show Up Earlier?

If the digital currency successfully breaks over the channel resistance, it could surge higher towards the $8,820 hurdle point. If the bulls managed to amass momentum over the $8,820 mark, chances are the digital currency might recover higher towards the $9,200 hurdle zone. The major breakout area is close to the $9,200 and $9,300 marks.

The 50 percent Fibonacci retracement level of the major swing from the high of $10,020 to the low of $8,441 is also close to the $9,230 mark to act as resistance. Hence, upside moves are likely to stay capped unless there is a major rally over the $9,200 and $9,300 marks. A successful break over those levels would pave the way for more gains towards the $9,500 and possibly the $10k level.