Bitcoin Might Drop Below the $8000 Mark

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.

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About the Author: Colleen Kerr

Colleen is a financial reporter, focusing on technology, national security, and all things mobile. Before joining the BitCoinPlussNews, she worked as a staff writer at Huff Post and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.

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