Cryptocurrencies
Bitcoin’s Slide Accelerates After Key Technical Level Breached
- Largest digital coin falls to lowest level in almost a month
- Digital token slips below its 200-day moving average line
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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.”