RATE Group | Bitcoin Price Loses $8,000 Support as Bears Drive Market to 4-Week Low
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Bitcoin Price Loses $8,000 Support as Bears Drive Market to 4-Week Low

21 Nov Bitcoin Price Loses $8,000 Support as Bears Drive Market to 4-Week Low

Posted at 09:05h in Bitcoin News by

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Bitcoin (BTC) fell below $8,000 on Nov. 21 after several days of downward price pressure finally cost the cryptocurrency a major support level.

Data from Coin360 showed BTC/USD finally reentering the $7,000 range on Thursday, marking its lowest since the last week of October. $7,880 was met by an immediate bounce to $7,940. 

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

Analysts eye $7,500 and $6,500 floors for BTC

Analysts had widely predicted the bearish move, with regular Cointelegraph contributor Michaël van de Poppe recently eyeing $7,400 as a realistic new support zone for Bitcoin.

Continuing the forecast, fellow contributor filbfilb highlighted even lower levels — $6,500 or the pivotal profitability price for miners — as the ultimate floor if bearish sentiment continued. Before that, the 100-week moving average (WMA) at $7,520 could provide further support.

As Cointelegraph reported, $6,500 is considered by many commentators as the lowest possible Bitcoin price under current…

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