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Bitcoin (BTC) failed to consolidate around $8,300

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BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The most popular cryptocurrency opened the new seven-day period on Monday, October 14 with another attempt at $8,300. It moved up to $8,364 and once again closed above the mentioned level.
As commented, it is of critical importance for bulls to defend $8,300 and consolidate there.
On Tuesday, October 15, the BTC /USD pair lost 2.3 percent of its value and dropped to $8,152.
The move was followed by another red session on October 16 when the coin moved below $8,000 and closed at $7,994. If BTC bulls don’t regain their positions, we can expect another visit to the $7,800 -$7,500 area.

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