Bitcoin Seeks Bargain Buyers As Price Retreats Back Toward $8K

The short duration charts have also aligned in favor of a deeper correction.

The bullish reversal has likely revved up investor interest in BTC. Hence, bargain hunters or investors who missed the bus last week could step in at the following key support levels.

These MAs could be the area of interest of the bargain hunter.

The 100-hour MA, currently located at $7,736, almost coincides with the rising trendline, thus dip demand could be strong around that level.

The rising 5-day MA and 10-day MA are located at $7,830 and $7,538, respectively.

The 100-day MA, which acted as a stiff resistance last week, is seen offering strong support at $7,612.

View BTC is feeling the pull of gravity, courtesy of overbought conditions and a bearish RSI divergence on the hourly chart.

Bargain hunters could hit the markets with fresh bids around $8,023.

Should a strong dip demand emerges around the above discussed key levels, then BTC could cross the all-important 200-day MA hurdle of $8,633 in a convincing manner.

The short-term outlook remains bullish as long as the 5-day and 10-day MAs are rising.