Bitcoin Price Falls to $7,700 After Printing Weekly Close Below Key Support Level

Libra Coin News
Mon, 09/30/2019 - 06:04
Alex Dovbnya
The Bitcoin price registers a weekly close below a critical support level, causing a plunge to $7,700
Cover image via www.123rf.com

The Bitcoin price has recently dropped to $7,710 on the Binance cryptocurrency exchange after failing to stand its ground above a critical support level. As expected, registering a weekly close below $8,000 played right into the hands of the bears who decided to take advantage of this shorting opportunity.

Image by binance.com

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For a couple of days, Bitcoin had been above its 200-day moving average at $8,332, but its price action during the weekend turned out to be very underwhelming. Eventually, the bulls ran out of steam and stopped defending this level.

At the time of writing, Bitcoin remains the worst-performing coin inside the top 10, but all top altcoins (without a single exception) remain in the red.

Image by Coinstats

The total market capitalization has dwindled to $208.7 bln, its lowest level since May.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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