News Bitcoin Busts Below $8,000 To One-Month Lows

Bitcoin Busts Below $8,000 To One-Month Lows

-

- Advertisment -

Another sea of red across cryptos this morning after tumbling in early European trading (it’s been an ugly 7 days as the image below shows)…

Bitcoin Busts Below $8,000 To One-Month Lows

Source: Coin360

Bitcoin Cash is leading the decline on the week along with Litecoin…

Bitcoin Busts Below $8,000 To One-Month Lows

Source: Bloomberg

But Bictoin’s psychological plunge to a $7k handle is most notable…

Bitcoin Busts Below $8,000 To One-Month Lows

Source: Bloomberg

As CoinTelegraph’s William Suberg notes, analysts had widely predicted the bearish move, with regular Cointelegraph contributor Michaël van de Poppe recently eyeing $7,400 as a realistic new support zone for Bitcoin.

Continuing the forecast, fellow contributor filbfilb highlighted even lower levels — $6,500 or the pivotal profitability price for miners — as the ultimate floor if bearish sentiment continued. Before that, the 100-week moving average (WMA) at $7,520 could provide further support.

As Cointelegraph reported, $6,500 is considered by many commentators as the lowest possible Bitcoin price under 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,” filbfilb said in private comments.

On Monday, statistician Willy Woo forecast that current Bitcoin price behavior would remain “unique” compared to previous cycles in its history. Specifically, 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.

Woo additionally predicted that volatility would remain a feature for Bitcoin in the coming months.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Bitcoin Busts Below $8,000 To One-Month Lows

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Bitcoin Busts Below $8,000 To One-Month LowsBitcoin Busts Below $8,000 To One-Month Lows

You might also likeRELATED
Recommended to you