BTCUSD downside risks increase
Bitcoin is trading around the $8,600 level on Wednesday as the number one cryptocurrency enters into a period of sideways price consolidation. A loss of the $8,500 support level could see the BTCUSD pair falling towards the $8,000 level in the short-term. Medium-term bulls may be lurking around the $8,000 level in anticipation of the next BTCUSD rally, which could reach $10,000.
The BTCUSD pair is only bullish while trading above the $8,500 level, key resistance is found at the $9,000 and the $9,500 levels.
If the BTCUSD pair trades below the $8,500, sellers may test the $8,000 and $7,700 support levels.