Bitcoin Price Falls Under $8K With ‘Ugly’ Scenarios on All Timeframes

Bitcoin price (BTC) fell below $8,000 in fresh choppy trading action on Oct. 16, after several days of slow grind ended in a bearish turn.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin greets midweek traders with $300 dump

Data from Coin360 shows the largest cryptocurrency put an end to its sideways trading style on Wednesday, falling several hundred dollars in minutes.

Markets at first rejected a more precipitous fall, with some exchanges showing Bitcoin reversing at exactly $8,000. 

At press time, those levels had given way again, under pressure while fluctuating below the $8,000 barrier on local lows of $7,930. 

Bitcoin seven-day price chart. Source: Coin360

Commenting, Cointelegraph contributors were unsurprised by the test of support, having warned of its arrival over the past two days. 

For filbfilb and Michaël van der Poppe, the more significant lower boundary for Bitcoin lies closer to $7,400.

Current activity is thus dictated by buyers absorbing downward…