What’s the Key Level to Watch for Bitcoin (BTC) Price?

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

To get straight to the point, $7,700 is the most important price point for Bitcoin investors at the moment. Around this level — which is nearly 50% below the $13,900 peak seen in June — sits a confluence of integral technical support levels.

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.

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