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.
— Luke Martin (@VentureCoinist) October 2, 2019
Let us know in comments where do you think the price of the leading cryptocurrency is heading?