The Bitcoin digital currency is not having a good run in the market. Its value looks to be dipped and there is every chance for it to fall below the $8000 mark very soon.
It moved away from the 200-day moving average very quickly in a day or so to signal that it would drop below the $8000 mark. The moving average resistance is not up to the expected levels and this is why there is a lot of hesitancy among the bulls.
The prices of the Bitcoin fell below the key support value of $8752 on Thursday. This fuels a theory that the prices of Bitcoin can see a deep pullback.
The Bitcoin Price Index (BPI) that ascertains the average of the Bitcoin prices on all the leading exchanges in the world is showing the price to be $8471. This is about 2.77 percent less than the closing figure of the previous day which was $8713.
The Bitcoin was in a bullish mood at the five-day moving average and the 10-day crossover suggests. But, it was not able to get over the 200-day moving average resistance on Wednesday.
The daily chart of the Bitcoin trading is in favor of the bears.