Bitcoin price declined recently and traded below the $8,575 support area. BTC to USD is currently recovering from $8,217, but there are many hurdles on the upside.

In the past few days, bitcoin price followed a bearish path and broke the $8,850 and $8,640 support levels. More importantly, BTC to USD broke the key $8,575 support level to enter a bearish zone.

Looking at the 2-hours chart, bitcoin even settled below the $8,500 level and the 50 simple moving average (2-hours, purple). Finally, there was a drop below the $8,400 level and the price traded towards the $8,200 support.

A low is formed near $8,217 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the recent slide from $8,788 to $8,217. However, there are many hurdles for the bulls near the $8,500 area.

Besides, bitcoin price is facing a strong resistance near $8,475 and a bearish trend line on the 2-hours chart. The 50% Fib retracement level of the recent slide from $8,788 to $8,217 is also near the $8,503 level.

Finally, the 50 simple moving average (2-hours, purple) is close to the $8,575 resistance area. Therefore, the bulls need to push the price above the $8,500 and $8,575 resistance levels to start a decent upward move in the near term.

A successful close above the $8,575 resistance level could start a fresh increase in the near term. The next major hurdle for the bulls might be $8,650 and $8,740.

Conversely, bitcoin price might fail to continue above the $8,500 and $8,575 resistance levels. In the mentioned bearish case, the price is likely to gain momentum below the $8,200 support level in the coming sessions.

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