Price Analysis

Bitcoin Continues the Fall; Trades Below $8000

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  • Bitcoin falls below 8000 USD in the last 24 hours
  • The next support may come at 7704 USD

The last week’s disastrous price movement is continuing in most of the major coins. Bitcoin has been down below 8000 USD. In the last 24 hours, with a single sign of growth, it has traveled from 8200 USD to 7900 USD. The price movement for the last week has been on a downtrend.

Bitcoin Price Analysis:

The initial hours for Bitcoin were full of gradual declines. In the first 12 hours, it made a journey from 8200 USD to 8090 USD. At 11:55 UTC, it took a fall of 1.68% to lose 136 USD and reached 7953 USD by 12:40 UTC. The next few hours were full of volatile fluctuations. At 20:06 UTC, it started gathering momentum and it could hike its value by 2.48% to reach 8131 USD by 22:26 UTC.

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However, the value above 8000 USD could not be sustained for long and it took another fall of 1.99% to reach 7970 USD by 02:45 UTC today. It should be noted that the current price trend is below both the 20 days and 50 days average and it means no quick turnaround of the situation should be expected now.

Bitcoin Price Chart
BTC Price Chart by TradingView

Though Bitcoin is at the top rank, the loss percentage also remains in one of the top slots. In the past week, it has been through tremendous pressure and no sign of improvement seems imminent as of now. The medium-term outlook looks volatile as of now and BTC is expected to seek the support at 7704 USD next.

Bitcoin (BTC) Support & Resistance Levels
1st Resistance $8247.1
2nd Resistance $8390.01
3rd Resistance $8518.31
1st Support Level $7975.89
2nd Support Level $7847.59
3rd Support Level $7704.68

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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