Bitcoin Price Slips to $7,861 as Market Tests Key Support Level

The bitcoin price slipped back below the $8,000 mark on Monday, reversing the recovery that it had made heading into the weekend.

Bitcoin entered the day trading above $8,100, a mark it largely held until shortly after 17:30 UTC when — after flirting with that level for approximately 20 minutes — BTC/USD experienced a sudden drop below $8,000. The bitcoin price continued to decline from there, ultimately falling as far as $7,861 on Bitfinex as of the time of writing.

bitcoin price
BTC/USD | Bitfinex

It’s not immediately clear what is driving the pullback, which comes less than a week after bitcoin broached the $8,500 threshold for the first time in two months. Last week’s announcement that U.S. regulators had shot down the Winklevoss twins’ latest bid to list a bitcoin ETF had caused a temporary sell-off, but the market appeared to have recovered by the next day.

According to eToro senior market analyst Mati Greenspan, BTC/USD’s next major support level is at $7,800, so traders should pay close attention to that mark as they speculate on the flagship cryptocurrency’s short-term future.

Click here for a real-time bitcoin price chart or here to read CCN’s intraday BTC/USD technical analysis.

Featured Image from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.
Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.


Author: Josiah Wilmoth

Source link

Related posts

13 Thoughts to “Bitcoin Price Slips to $7,861 as Market Tests Key Support Level”

  1. Football Solutions UEFA Europa League - Neftçi - Mirabdulla Abbasov - Statistics

    West Ham have made a £3million offer for Nice left back Timothee Kolodziejczak. Sportsmail revealed interest from West Ham and Southampton last month but Sam Allardyce has taken the initiative with an opening bid. West Ham make £3million bid for highly-rated left back Timothee Kolodziejcak

  2. Ibrahima Baldé

    Philipp Wollscheid has left Stoke to join Ligue 1 side Metz on a three-year deal, the French club have announced. The 28-year-old centre back moved to Stoke initially on loan in January 2015. Philipp Wollscheid joins French outfit Metz on a three-year deal from Stoke

  3. DevOps Consulting Service

    … [Trackback]

    […] Find More on to that Topic: […]

  4. Definition Essay Introduction Examples

    … [Trackback]

    […] There you will find 87577 more Info on that Topic: […]

  5. บาคาร่า ขั้นต่ำ 5 บาท

    … [Trackback]

    […] Find More on that Topic: […]

  6. Study in Africa

    … [Trackback]

    […] Info on that Topic: […]

  7. สล็อตวอเลท

    … [Trackback]

    […] Find More Information here to that Topic: […]

  8. sbo

    … [Trackback]

    […] Info on that Topic: […]

  9. sbobet

    … [Trackback]

    […] Read More here to that Topic: […]

  10. maxbet

    … [Trackback]

    […] Find More to that Topic: […]

  11. Buy LSD/DMT CARTS Online

    … [Trackback]

    […] Information to that Topic: […]

  12. sportsbet io giriş

    … [Trackback]

    […] Find More Info here to that Topic: […]

  13. Golden teacher mushrooms for sale

    … [Trackback]

    […] Find More to that Topic: […]

Leave a Comment