RATE Group | Bitcoin Back Under $8K — Next Is $7.4K If Support Zone Breaks: Analyst
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Bitcoin Back Under $8K — Next Is $7.4K If Support Zone Breaks: Analyst

23 Oct Bitcoin Back Under $8K — Next Is $7.4K If Support Zone Breaks: Analyst

Posted at 09:17h in Cryptocurrency News by

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Friday, Oct. 18 — Bitcoin (BTC) has lost support at $8,000 again after a brief recovery ended up further downward selling pressure. 

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bitcoin eyes lower support bands

Data from Coin360 showed BTC/USD briefly hit $7,850 on Friday before rebounding to just above $7,900. The latest dip capped daily losses of up to 2% for traders, with the pair having reached a high of $8,120 the previous day. 

Bitcoin 7-day price chart

Bitcoin seven-day price chart. Source: Coin360

As Cointelegraph reported, analysts were dismissive of the upward momentum, with the broader health of Bitcoin prices still subject to suspicion.

Zooming out, they considered little to have changed as Bitcoin fluctuated around the $8,000 mark. 

“Well, not showing strength after a small bearish retest. Looks like a copy of beginning October & still hanging around here in the green ‘support’ zones,” Cointelegraph contributor Michaël van der Poppe summarized in a Twitter analysis.

Those zones…

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