Bloomberg Trend Indicator Suggests More Pain For Bitcoin

Over the past 24 hours, bitcoin price has retreated from major support at $8,000 and fallen to an intraday low of $7,450 according to Tradingview. com charts.

During morning Asian trading BTC did manage to recover back to $7,760. But this is shaping up to be another lower low preceding further losses. On the hourly chart, the 50 moving average has crossed the 200 indicating a short-term downtrend formation.

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