Bitcoin price analysis shows BTC is struggling to go above $8,000 as bears continue to drive the price south inside a downtrending channel. At the time of writing, the largest cryptocurrency by market capital is up a marginal 0.44% against the US dollar as bullish sentiment begins to thin out.
Bitcoin Price Analysis: 4-Hour Chart
On the 4-Hour chart we can see that bitcoin price 00 is tracking faithfully inside a downtrending channel between two strong trend lines (white dashed lines).
Within this time frame, bulls have so far failed to successfully test the downtrending resistance on 3 occasions – with the asset making consecutively lower lows after each attempt. This shows that bearish traders are beginning to take back control of BTC/USD, and are subsequently forcing bullish traders to find support at increasingly lower levels.
Over the next few candles however, we should expect to see some pushback from BTC buyers as the price action retraces back to a strong uptrending support level (yellow line). This particular…