Bitcoin’s slide accelerates – Moneyweb

 Bitcoin broke below $8,000 for the first time in nearly a month as its recent sell-off dragged on for the seventh straight day.

“This price drop is a technical move; this is where the price was before the news of China’s support of blockchain, which is not crypto,” said Joe DiPasquale, chief executive officer of BitBull Capital. “So, the price of Bitcoin is simply returning to normal. However, more downside cannot be ruled out, since the recent drop has turned sentiments to negative.”

The largest cryptocurrency’s slide on Thursday snowballed into the $7,000s, territory it hasn’t penetrated since late October. The token also slipped below its 200-day moving average line, an event considered a sell signal by many analysts and chartists, provided the asset doesn’t quickly recover.

“We are seeing 1,000 Bitcoin trade per minute” in dollars and and 2,000 Bitcoin using the stablecoin Tether, with the euro pair at 300 per minute, Charles Hayter, chief executive…