Tuesday, May 17, 2022

BTC targeting next support level at $7,500 after breaking below $8,200

The Takeaway:

Bitcoin breaks below the support level of $8,200, and the price is targeting the next support level at $7,500. Analysts believe this break below $8,200 could trigger another downtrend. Earlier the leading cryptocurrency managed to go from $7,800 to around $8,500.

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The price of bitcoin has been hovering just above the $8,000 mark. Today the price broke the support level of $8200 after trading around $8,400 for a while. Trend analysts believe that the next support level that BTC is targeting is $7500. At the time of writing, BTC is trading at $8126. 

Later last month, the price of the leading cryptocurrency fell from around $9,500 to $8,000 in a jiffy. Since then, BTC has struggled to make any significant recovery. But several analysts have warned that the price of bitcoin might go as low as $7,000 in the short term.  

Bitcoin failed to maintain an upward momentum after it reached around $8,500 from $7,800. Crypto analyst, Luke Martin tweeted that BTC bulls would want to see the price staying above $8,200 support zone, indicating that a break below will spark another downtrend

Let us know in comments where do you think the price of the leading cryptocurrency is heading?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

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