Bitcoin Drops Below $8,000 and Touches $7,900

• Bitcoin (BTC) price deals with the bear attack
• The coin touches $7,900 twice in 15 days.

Bitcoin has fallen tremendously with its intraday movement today. The price is suffering from a heavy blow. Alongside, there is a slight recovery noted, that might take to $8,000. From the last couple of days, Bitcoin price was seen paralyzed around $8,300. The downtrend in the coin is indicating towards a dull day ahead. Intraday trading is not expected to bring any positive results.

If we look at yesterday’s chart, the price touched a high at $8,134.83 and a low at $8,000.94. Let’s have a look at the price chart.

BTC to USD Price Analysis:

Yesterday, Bitcoin started trading around $8,016, when the price immediately fell to $7,957 by 0.76% but soon recovered. The escalation took the counter to $8,129 by 2.16%. There was another pullback that brought the coin down to $8,049 by 1.05%. The final uptrend took the price to $8,137 by 1.09%, marking a marginal rise of 0.96% the day closed at $8,093.

However, today, the price started the day with an uptrend as it moved from $8,090 to $8,135 by 0.48%. The price later took a heavy drop and touched $7,911 and later $7,860. Although, BTC has recovered and went back to $7,960.

As mentioned in the above chart, Bitcoin has broken the major support level by touching $7,860 and is awaiting the next support level. The intraday fall has marked a heavy loss. It looks like Bitcoin would take some time to recover from the heavy loss.

Bitcoin is still holding the hope of recovery, and the same happens the coin might be closing the year with a profitable number. To know more about the BTC forecast, go through the detailed information as the currency is recommended for long-term traders as it would bring a colossal profit.

Here are the calculated support and resistance level for Bitcoin.