{"id":401531,"date":"2019-10-16T21:00:28","date_gmt":"2019-10-16T21:00:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=401531"},"modified":"2024-06-11T13:31:10","modified_gmt":"2024-06-11T13:31:10","slug":"bitcoin-breaks-below-key-support-movement-to-7000-may-be-inbound","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-breaks-below-key-support-movement-to-7000-may-be-inbound\/","title":{"rendered":"Bitcoin Breaks Below Key Support; Movement to $7,000 May Be Inbound"},"content":{"rendered":"

Bitcoin (BTC) and the aggregated crypto markets have incurred some bearish momentum over the past several hours, as sellers have pushed the cryptocurrency\u2019s price below a key support level, which could mean significantly further losses are imminent.<\/p>\n

It is important to note that BTC did wick as low as $7,900 overnight before bulls stepped up and pushed it back towards $8,000, although multiple key technical indicators signal that the crypto will likely further extend its recent downtrend.<\/p>\n

Bitcoin Breaks Below $8,000 Amidst Bearish Bout of Trading<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down nearly 4% at its current price<\/a> of just over $8,000, and it has recovered from its lows of $7,900 that were set in the past few hours.<\/p>\n

Bitcoin\u2019s slow grind lower over the past several days and weeks has been a bearish sign, and the inability for buyers to sustain any upwards rally in the time since it found major support around $7,800 points to an underlying weakness.<\/p>\n

In the near-term, how Bitcoin reacts to its long-established support level at $7,800 will likely elucidate what the crypto\u2019s short-term trend will be.<\/p>\n

DonAlt, a popular crypto analyst on Twitter, recently noted that BTC\u2019s next major support region exists right above $7,000, which likely means that a dip below its slight support level at $7,800 will send it reeling to this region.<\/p>\n

\u201c$BTC daily update: Still following the plan. A lot of low time frame volatility shaking people out of their positions. In contrast to that, the high time frames haven’t really been that volatile. Just slowly bleeding out. Bulls need to close the daily above $8200 (black),\u201d he explained in a recent tweet,<\/p><\/blockquote>\n

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$BTC<\/a> daily update:<\/p>\n

Still following the plan.
A lot of low time frame volatility shaking people out of their positions.
In contrast to that, the high time frames haven't really been that volatile.
Just slowly bleeding out.
Bulls need to close the daily above $8200 (black). pic.twitter.com\/bfHTuzfg03<\/a><\/p>\n

— DonAlt (@CryptoDonAlt) October 15, 2019<\/a><\/p><\/blockquote>\n