On the upside, there are many important hurdles forming for bitcoin near the $8,000 and $8,050 levels. Besides, there is a crucial declining channel forming with resistance near the $8,050 level on the hourly chart of the BTC/USD pair.
On the downside, an immediate support is near the $7,770 low. If there is a downside break below $7,770 and $7,750, the price could accelerate losses. Besides. the main target for the bears could be $7,500 (as discussed in the past few analyses).
Looking at the chart, bitcoin is currently trading in a downtrend below the $8,000 level and the 100 hourly SMA. Therefore, it seems like the price could extend its decline below the $7,750 and $7,650 levels. On the upside, the bulls are likely to face sellers near $8,000 or $8,050.