Bitcoin (BTC) has plummeted into the $7,000 region today as bears continue working to erase all the gains that were incurred during the crypto’s meteoric rally in late-October, which may signal that significantly further downside is imminent for the embattled cryptocurrency.
Analysts are now noting that Bitcoin is “on life support” as it trades around a critical support level, and analysts are also noting that a lack of a decisive bounce at the cryptocurrency’s current price levels could mean that a move to sub-$7,000 is imminent.
Bitcoin Plummets Below $8,000 Support Level, Putting it on “Life Support”
At the time of writing, Bitcoin is trading down 6% at its current price of $7,650, which marks a notable drop from its daily highs of $8,300, and an even steeper drop from its weekly highs of $8,800.
Bitcoin has been caught in a bearish downtrend ever since it retraced from its multi-month highs of $10,600 that were set at the peak of the late-October rally, and today’s drop simply marks an extension of this downtrend.
Prior to today’s movement, $8,000 had been holding as a strong level of support, and in the near-term the only clear support level that is stopping BTC from plummeting significantly lower exists at roughly $7,700. Read More...