Bitcoin Correction Getting Close to 8,000 Mark

Βitcoin – BTCUSD gives up 0.37% today at $8,135.00 after failed the last two trading sessions of the previous week to regain the 50-day moving average. Bitcoin started a correction in late October and formed a bearish channel that drives the price since then. Bitcoin is approaching the key 8,000 mark where bulls and bears will give a battle for the future trend of BTC but will also affect all the cryptocurrencies

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Bitcoin Technicals Levels to Watch

Bitcoin is now in a bearish path as it hovers below all major daily moving averages. As the bitcoin slips away from the 50-day moving average the first level of support stands at $8,077.47, in case the BTCUSD breaks below the next support lies at $8,000 and then at $7,774 a level that provided strong support during October.

Looking north, buyers will face the intraday resistance at $8,197.77; in case of a convincing break above an attempt to regain the 50-day moving average at $8,562.31 is a possible scenario, while if bulls clear that level too next massive offers would be met at the 9,050 zone.

Bitcoin Correction Getting Close to 8,000 Mark
Bitcoin Correction Getting Close to 8,000 Mark

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