Posted in: Archive
Published:
July 30, 2018 7:17 PM UTC

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…

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.

BTC/USD | Bitfinex

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’s intraday BTC/USD technical analysis.

Featured Image from Shutterstock

Last modified: January 24, 2020 11:03 PM UTC

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN.com, where he focuses on financial markets. He has written over 2,000 articles since joining CCN.com in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Email him directly at josiah.wilmoth(at)ccn.com.

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