The most popular cryptocurrency opened the new week by climbing above $8,300 during the day. Bulls, however, were once again rejected around the lower end of the mid-$8,000 levels and fell back to $8,208, closing the session in red.
A similar thing happened on the next day, Tuesday, October 22 when the BTC/USD pair peaked at $8,323 during intraday, just to end up the day at $8,022. It lost 2.2 percent of its value and was once again dangerously close to the critical support level at $8,000
The mid-week session on Wednesday, October 23 was the worst day for bitcoin since September 24. The coin drew a huge red candle on the daily chart and lost 6.8 percent to close at $7,470. We are looking at $7,500 as the next major support line before $7,000.
We successfully marked $7,500 as the next support line for BTC and it moved below $7,800 on October 23. The last time we saw bitcoin trading this low was in May 2019. Expecting for $7,500 to hold and BTC to regain $8,000
A similar thing happened on the next day, Tuesday, October 22 when the BTC/USD pair peaked at $8,323 during intraday, just to end up the day at $8,022. It lost 2.2 percent of its value and was once again dangerously close to the critical support level at $8,000
The mid-week session on Wednesday, October 23 was the worst day for bitcoin since September 24. The coin drew a huge red candle on the daily chart and lost 6.8 percent to close at $7,470. We are looking at $7,500 as the next major support line before $7,000.
We successfully marked $7,500 as the next support line for BTC and it moved below $7,800 on October 23. The last time we saw bitcoin trading this low was in May 2019. Expecting for $7,500 to hold and BTC to regain $8,000