RATE Group | Bitcoin (BTC) bulls must defend $8,000 for dear life
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Bitcoin (BTC) bulls must defend $8,000 for dear life

04 Oct Bitcoin (BTC) bulls must defend $8,000 for dear life

Posted at 07:30h in Bitcoin News by

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  • Bitcoin may be vulnerable to massive losses once $8,000 is broken.
  • Critical support is created by SMA100 on a weekly chart.

Bitcoin (BTC) has returned to the levels, registered at the beginning of the week. At the time of writing, the first digital coin is changing hands at $8,116, trading with short-term bearish bias amid decreasing volatility. However, the situation may change drastically, once BTC/USD dives under $8,000.  

Should this happen, the downside momentum will gain traction with the next focus on SMA100 (Simple Moving Average) on a weekly chart $7,770 followed by the lowest level of the current week at $7,700. 

This area stopped the sell-off twice recently, on September 26 and September 30. Once it is out of the way, the bears will push the price towards the next critical barrier of $7,450m created by the middle line of the  Bollinger Band on a weekly chart. The next support comes at $7,200 ( the lower line of a daily Bollinger Band).

On the…

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