Bitcoin price recovered nicely this past week above $7,000 against the US Dollar. However, BTC/USD is currently facing resistance and is correcting lower towards $7,100.

There was a slow and steady upside move above $6,500 bitcoin price against the US Dollar. The price managed to move above a couple of important resistance levels such as $7,000 and $8,000.

However, the upside move was protected by a major resistance at $8.900. BTC price failed to move above the $8,900 and $9,000 resistance levels, and started a downside move.

More importantly, there is a crucial bearish trend line forming with current resistance at $8,200 on the 4-hours chart of the BTC/USD pair. The trend line resistance acted as a monster barrier near $8,900 and prevented further gains.

The pair is currently correcting lower and it has moved below $8,100. Moreover, the price declined below the 23.6% Fib retracement level of the last wave from the $5,816 low to $8,941 high. Read more from…

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