It seems that bulls can’t catch a break. Bitcoin just minutes ago tapped $8,000 (per data from trading view), bringing its 36-hour performance to a dismal -13%, having peaked at $9,200 on Saturday.
This latest leg lower comes after the cryptocurrency attempted to stabilize above $8,300 ahead of the weekly close, though this was done to no avail.
With this move, Bitcoin has entered key bounce territory; analyst CryptoHamster noted that with the recent move lower, the price of the leading cryptocurrency has tapped the bottom of a descending channel the asset has traded in since the $10,600 peak seen in mid-February. The cryptocurrency falling below the support could open the door for a stronger drop.
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