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

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    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.

BTC/USDT price chart
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.

binance.com
Image by Coinstats

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

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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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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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