Bitcoin reaches a one-month low as price dives below $8,000.

The price of the leading cryptocurrency, bitcoin, slumped down to a one-month low amid a wider sell-off in the financial markets globally.

Bitcoin witnessed a pretty good year so far in terms of price, but on Sunday, the price came crashing down after a major sell-off period. Bitcoin traded as low as $7,837 in the last 24 hours. The price decline coincided with a sell-off in the global financial markets. If you are a serious crypto trader, then using a crypto news aggregator can immensely help you keep updated with the crypto industry so you can make all the right decisions at the right time.

 

Bitcoin breaks below many key supports

The price of bitcoin broke many key supports during the sell-off period, including the 100-day SMA. Now bitcoin is testing major key support at $7,500, where bulls are likely to appear. The price of bitcoin dived 10% in the last 24-hours. Brent crude oil dropped over 30 percent on Sunday, which was the biggest single-day decline since 1991. Bitcoin is likely to drop further before gaining any positive momentum. 

 

Mining difficulty is expected to reach a new high

The price of bitcoin slumped down as the network’s computing power and mining difficulty are both expected to reach a new high shortly. The price of bitcoin is expected to recover if it finds a strong buying interest near the $7,500 area. Currently, the main resistance area for bitcoin is near the $8,400 level and the 100-day SMA. 

ADVERTISEMENT
Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here