Bitcoin Price Analysis: BTC/USD Bleeds But This Rollercoaster Aims For $7,200

Bitcoin price bulls defend $8,000 support as their lives depend on it.
BTC/USD bulls intimated by the hovering dark cloud as the downside points towards $7,200.

Bitcoin price suffered another crash on Sunday losing more than $800. The largest crypto dropped like a stone penetrating several tentative support areas. Fortunately, the buyer congestion at $8,000 saw the primary support defended and a reversal started. BTC/USD is exchanging hands at $8,068 after failing to break the resistance at $8,200. Losses are likely to continue in the near term especially if the support at $8,000 fails to hold.

In other words, Bitcoin bulls must defend the support at $8,000 like their lives depend on it. It is essentially their lifeline if recovery is going to be their ‘portion’ this week. Technically, the trend remains to the downside. Looking at the Relative Strength Index (RSI), clearly, the bearish pressure is still present. It is for this reason that recovery has lost its mojo at $8,183 leaving $8,200 untested.

BTC/USD daily chart

Moreover, the gap between the moving averages keeps increasing, further emphasizing the presence of the sellers on the market. For now, the path of least resistance is southwards. Sustaining gains above $8,200 has become a hard nut to crack. In the meantime, bulls are likely to contain the losses and nurse the wounds above $8,000.

Unfortunately, a dark cloud continues to hover across the cryptocurrency market amid the Coronavirus fears. If support at $8,000 was to give in, BTC/USD is likely to drop and test lows at $7,200 or even $7,000; a move likely to create fresh demand for BTC and force a recovery towards $9,000.

Bitcoin Key Levels

Spot rate: $8,066

Relative change: 10.26

Percentage change: 0.11%

Trend: Sideways action

Support: $8,000

Resistance: $8,200

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.