Story by: Nick Chong
On Thursday, Bitcoin bears continued to ravage the cryptocurrency market. According to CoinMarketCap, the leading cryptocurrency has incurred another 4% loss of the past 24 hours, falling to under $8,000 for the first time in months.
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While this devastating drop was forecasted by analysts like Peter Brandt, this move caught most investors aback, as made abundantly clear by the $550 million in BitMEX long liquidations observed on Monday.
With Bitcoin entering a brief price lull right now, you may be wondering — what BTC price level should I be watching right now?
Don’t worry, NewsBTC has you covered.
All Eyes on $7,700 for Bitcoin
These include but aren’t limited to the 200-day moving average; the 365-day exponential moving average, a level that Bitcoin bounced straight off of during mid-2017; the 50-week exponential moving average, among other levels that many say are indicative of Bitcoin’s medium-term trends.