Bitcoin to Leave Bull Market if Price Closes Under $8,000 on Weekly

Ouch. Once again, bears have asserted control over the cryptocurrency market, pushing Bitcoin (BTC) under the key $8,000 support level after a multi-week battle above said level. As of the time of writing this article, the cryptocurrency is changing hands for $7,650, down some 5% in the past 24 hours, though BTC traded as low as $7,450 earlier Thursday.

While there remains a chance for a bullish bounce, all eyes are on $7,900. The one-week Bitcoin Super Trend, “which can give you precise buy or sell signal in a trending market” by using moving averages and other simple technical indicators, is currently sitting on $7,900. The indicator suggests that a weekly close under that level will mean that the long-term bull trend has technically ended.

This isn’t the only evidence suggesting that $8,000 will be of utmost importance for Bitcoin to close above in coming trading sessions. Jacob Canfield, a professional Bitcoin trader, recently took to his Youtube channel to explain why this price level does carry so much clout. Read More...

#BTC #Bearish