Bitcoin has fallen below the $8,000 level, as traders book profits after the recent upside rally stalled just under the $8,500 resistance level. The RSI and MACD indicators are also starting to move lower as the BTC/USD pair unwinds from overbought trading conditions. Buyers will now try to recover price back above the $8,100 level, while sellers will likely to try target the $7,830 level.
The BTCUSD pair is intraday bearish while trading below the $7,990 level, key support is now found at the $7,830 and $7,700 levels.
If the BTCUSD pair trades back above the $8,100 level, price may correct back towards the $8,300 and $8,500 resistance levels.