The most dominant cryptocurrency is again falling. This Thursday, we can see that Bitcoin loses the main support around the $8,000 mark and is set to initiate a downward price pressure which may cost it the major support level that it has.
According to data from the charts, the BTC/USD pair is reentering the ,000 range.
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At press time, BTC is trading at $7,997 but it is clear that the cryptocurrency lost around $200 overnight. This also marks the lowest level since the last week of October, when $7,880 was met by an immediate bounce to $7,940.
The Bitcoin news now also show that analysts are eyeing $7,500 and $6,500 as the bottoms for BTC. They have widely predicted the bearish move and are expecting for the loses to be extended in the near term.
As Bitcoin loses support, analysts forecast that even lower levels are about to come on the market. We can see $6,500 or the pivotal profitability price for miners as the ultimate floor. Before that, the 100-week moving average shows that $7,520 could provide further support.
Many media experts confirmed that $6,500 is the lowest possible Bitcoin price under the current conditions.
“Still think the 100 WMA will hold up at this stage, but if it doesn’t, I’m all in at $6,500,” the analyst filbfilb said in private comments.
On Monday, we have featured the statistician Willy Woo who forecasted that the current Bitcoin price behaviour would remain “unique” compared to the previous cycles in its history. Woo said that BTC/USD would approach its 2020 block reward halving on bearish sentiment. In 2012 and 2016, halvings followed at least six months of bullish progress.
As Bitcoin loses support, Woo thinks that volatility would remain a key feature for the cryptocurrency in the coming months. However, we also must state the fact that the altcoin news and rumors are showing a lot of drops, too.
Speaking of, we can see that alts are even stronger with their declines. Ethereum (ETH) is at $173 now with a 2.66% decline, XRP lost 2% as it trades in the $0.2472 region and the biggest loser in the top 10 is Binance Coin (BNB) which lost 6.43% to a current price of $17.46 right now. The total market cap is at $218 billion, $10 billion less than yesterday’s levels.
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