Newsflash: Bitcoin Price Slips to $7,861 as Market Tests Key Support Level

The bitcoin price slipped back below the $8,000 mark on Monday, reversing the recovery that it had made heading into the weekend.

Bitcoin entered the day trading above $8,100, a mark it largely held until shortly after 17:30 UTC when — after flirting with that level for approximately 20 minutes — BTC/USD experienced a sudden drop below $8,000. The bitcoin price continued to decline from there, ultimately falling as far as $7,861 on Bitfinex as of the time of writing.

It’s not immediately clear what is driving the pullback, which comes less than a week after bitcoin broached the $8,500 threshold for the first time in two months. Last week’s announcement that U.S. regulators had shot down the Winklevoss twins’ latest bid to list a bitcoin ETF had caused a temporary sell-off, but the market appeared to have recovered by the next day.

According to eToro senior market analyst Mati Greenspan, BTC/USD’s next major support level is at $7,800, so traders should pay close attention to that mark as they speculate on the flagship cryptocurrency’s short-term future.

Click here for a real-time bitcoin price chart or here to read CCN.com’s intraday BTC/USD technical analysis.

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About the Author

Josiah Wilmoth

Josiah is the former U.S. Editor at CCN.com, where he focused on financial markets. He lives in rural Virginia. Connect with him on LinkedIn or email him directly at josiah.wilmoth(at)www.ccn.com.

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