{"id":405084,"date":"2019-11-21T15:45:46","date_gmt":"2019-11-21T15:45:46","guid":{"rendered":"https:\/\/ktsl888.com\/?p=405084"},"modified":"2024-06-11T13:34:22","modified_gmt":"2024-06-11T13:34:22","slug":"bitcoin-price-breaks-below-8000-as-bears-erase-historic-rally","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-breaks-below-8000-as-bears-erase-historic-rally\/","title":{"rendered":"Bitcoin Price Breaks Below $8,000, As Bears Erase Historic Rally"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The leading cryptocurrency by market cap, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, has once again broken below $8,000 <a href=\"https:\/\/ktsl888.com\/2019\/11\/19\/bitcoin-price-bulls-defend-make-it-break-it-support-level-at-8000\/\">after the repeated defense of the critical support level<\/a> by bullish crypto investors. <\/span><span class=\"s1\">Now that bears are back in control, they\u2019ve already pushed Bitcoin price to as low as $7,500, putting Bitcoin is at risk of further downside. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But where are the key levels where a bounce may occur, and when will the crypto asset return to a bull market?<\/span><\/p>\n<h2>Bitcoin Price Breaches $8,000, Quickly Returns to $7,500<\/h2>\n<p class=\"p1\"><span class=\"s1\">In late October, a powerful bullish impulse from $7,400 to $10,500, setting the crypto asset\u2019s third-largest one-day gain in its short, decade-long history, caused the entire market to turn bullish once again, despite weeks of ongoing downtrend.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The thought was that <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> doesn\u2019t perform so well and have such enormous gains outside of a bull market, however, the entire move may have been nothing more than a massive short squeeze and bearish retest of former support turned resistance.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, the powerful rally has all but been erased at this point, with the first-ever cryptocurrency falling to $7,500 this morning after a break of $8,000. <\/span><span class=\"s1\"><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Bitcoin price dropped below $8,000<\/a>, and not even 24 hours later, another $500 was wiped out in value from the crypto asset.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Bulls have thus far been able to defend $7,500, causing a slight bounce to as high as $7,650 as of the time of this writing, but the defense is already starting to fail and return to declining prices. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Support at this level, ranging from $7,300 where the previous major reversal occurred, through $7,500 is a critical level that bulls must defend to prevent a much deeper drop into the $6,000 range.<\/span><\/p>\n<h2>What Happened to the Bull Market? Will BTC Return to Bear?<\/h2>\n<p class=\"p1\"><span class=\"s1\">If bulls aren\u2019t able to defend current levels, a push to as low as $6,600 to the bottom of the downtrend channel <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> has been trading within since June is likely to result.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, if bulls can defend this level, they must reclaim above $8,000 for a chance to return to a bull market. Otherwise, Bitcoin price could fall further into a continued bear market and potentially set a new bear market low.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/11\/20\/emotional-rollercoaster-bitcoin-could-follow-the-amazon-fractal-big-upside-potential\/\">Emotional Rollercoaster: Bitcoin Could Follow the Amazon Fractal, Big Upside Potential\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">It\u2019s long been thought that Bitcoin, after bottoming back in December 2018 around $3,100, was ready to begin its next bull run, but after the 2019 parabolic rally failed to set a new high, the crypto asset ran out of steam and has been falling in value ever since.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The days ahead are critical for Bitcoin, and the current price action could <a href=\"https:\/\/ktsl888.com\/2019\/11\/19\/bitcoin-price-bulls-defend-make-it-break-it-support-level-at-8000\/\">make it or break it<\/a> for the first-ever cryptocurrency.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leading cryptocurrency by market cap, Bitcoin, has once again broken below $8,000 after the repeated defense of the critical support level by bullish crypto investors. Now that bears are back in control, they\u2019ve already pushed Bitcoin price to as low as $7,500, putting Bitcoin is at risk of further downside. But where are the key levels where a bounce may occur, and when will the crypto asset return to a bull market? Bitcoin Price Breaches $8,000, Quickly Returns to $7,500 In late October, a powerful bullish impulse from $7,400 to $10,500, setting the crypto asset\u2019s third-largest one-day gain in its short, decade-long history, caused the entire market to turn bullish once again, despite weeks of ongoing downtrend. The thought was that Bitcoin doesn\u2019t perform so well and have such enormous gains outside of a bull market, however, the entire move may have been nothing more than a massive short squeeze and bearish retest of former support turned resistance. However, the powerful rally has all but been erased at this point, with the first-ever cryptocurrency falling to $7,500 this morning after a break of $8,000. Bitcoin price dropped below $8,000, and not even 24 hours later, another $500 was wiped out in value from the crypto asset. Bulls have thus far been able to defend $7,500, causing a slight bounce to as high as $7,650 as of the time of this writing, but the defense is already starting to fail and return to declining prices. Support at this level, ranging from $7,300 where the previous major reversal occurred, through $7,500 is a critical level that bulls must defend to prevent a much deeper drop into the $6,000 range. What Happened to the Bull Market? Will BTC Return to Bear? If bulls aren\u2019t able to defend current levels, a push to as low as $6,600 to the bottom of the downtrend channel Bitcoin has been trading within since June is likely to result. However, if bulls can defend this level, they must reclaim above $8,000 for a chance to return to a bull market. Otherwise, Bitcoin price could fall further into a continued bear market and potentially set a new bear market low. Related Reading | Emotional Rollercoaster: Bitcoin Could Follow the Amazon Fractal, Big Upside Potential\u00a0 It\u2019s long been thought that Bitcoin, after bottoming back in December 2018 around $3,100, was ready to begin its next bull run, but after the 2019 parabolic rally failed to set a new high, the crypto asset ran out of steam and has been falling in value ever since. The days ahead are critical for Bitcoin, and the current price action could make it or break it for the first-ever cryptocurrency.<\/p>\n","protected":false},"author":517,"featured_media":405085,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,6664,3654,4018],"class_list":["post-405084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-resistance","tag-support"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Breaks Below $8,000, As Bears Erase Historic Rally<\/title>\n<meta name=\"description\" content=\"The leading cryptocurrency by market cap, Bitcoin, has once again broken below $8,000 after the repeated defense of the critical support level by bullish\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin-price-breaks-below-8000-as-bears-erase-historic-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Breaks Below $8,000, As Bears Erase Historic Rally\" \/>\n<meta property=\"og:description\" content=\"The leading cryptocurrency by market cap, Bitcoin, has once again broken below $8,000 after the repeated defense of the critical support level by bullish\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/bitcoin-price-breaks-below-8000-as-bears-erase-historic-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-21T15:45:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:34:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/11\/bitcoin-price-crypto-shutterstock_1134745325.jpg?resize=860,573\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"573\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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