Price Analysis

Bitcoin Drops Below $8,000 and Touches $7,900

  • Bitcoin (BTC) price deals with the bear attack
  • The coin touches $7,900 twice in 15 days.

Bitcoin has fallen tremendously with its intraday movement today. The price is suffering from a heavy blow. Alongside, there is a slight recovery noted, that might take to $8,000. From the last couple of days, Bitcoin price was seen paralyzed around $8,300. The downtrend in the coin is indicating towards a dull day ahead. Intraday trading is not expected to bring any positive results.

If we look at yesterday’s chart, the price touched a high at $8,134.83 and a low at $8,000.94. Let’s have a look at the price chart.

BTC to USD Price Analysis:

Bitcoin price
BTC Chart By TradingView

Yesterday, Bitcoin started trading around $8,016, when the price immediately fell to $7,957 by 0.76% but soon recovered. The escalation took the counter to $8,129 by 2.16%. There was another pullback that brought the coin down to $8,049 by 1.05%. The final uptrend took the price to $8,137 by 1.09%, marking a marginal rise of 0.96% the day closed at $8,093.

However, today, the price started the day with an uptrend as it moved from $8,090 to $8,135 by 0.48%. The price later took a heavy drop and touched $7,911 and later $7,860. Although, BTC has recovered and went back to $7,960.

As mentioned in the above chart, Bitcoin has broken the major support level by touching $7,860 and is awaiting the next support level. The intraday fall has marked a heavy loss. It looks like Bitcoin would take some time to recover from the heavy loss.

Here are the calculated support and resistance level for Bitcoin.

Resistance Level Price
R1$8,158.85
R2$8,213.78
R3$8,292.74
Support Level Price
S1$8,024.96
S2$7,946
S3$7,891.07

Bitcoin is still holding the hope of recovery, and the same happens the coin might be closing the year with a profitable number. The currency is recommended for long-term traders as it would bring a colossal profit.

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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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