Bitcoin price continue lower for the fourth consecutive session as the correction from 9200 recent high is intact. Markets turbulence also affected bitcoin and the other cryptocurrencies as stock and crude oil dipped on Monday. Bitcoin disappointed many investors that assigned a role of safe haven to bitcoin as the BTCUSD also slumped during the stocks sell-off. Bitcoin dropped to two-month lows yesterday, failing to act as a safe haven asset.
Today is hovering around the 8900 mark with the sellers in full control targeting a break below the 7800 mark for today.
Most of the major cryptocurrencies are also trading lower today. Ethereum ETHUSD is 1.77% lower at $199.33. Ripple XRPUSD is 0.75% lower at $0.2075 while Litecoin is 1.94% lower at $49.59.
Bitcoin price is 0.27% lower at $7915 as the selling pressure continues for the fourth day in a row. The technical picture has deteriorated since Sunday as the BTCUSD breached below the 200 and 100-day moving average.
On the downside, initial support for bitcoin (BTCUSD) will be met at $7840 the daily low. If the bitcoin price breaks below, the next support stands at $7603 the low from yesterday’s trading session. If the bearish momentum persists the next support stands at $7356 the low from January 6th.
On the other hand, the resistance for BTCUSD seen at $7966 the daily top. More offers will be met at $8197 the top from yesterday’s trading session. The next obstacle for the buyers stands at $8415 the 100-day moving average.