The most popular cryptocurrency could not confirm its presence above $8,300 and on Thursday, October 3 initiated another correction. It moved down to $8,238 after dropping as low as $8,035 during intraday.
We saw the price of BTC dropping even lower on the last day of the workweek when it ended the session at $8,151, but not before testing the $8,000 support one more time.
The weekend of October 5-6 started with another unsuccessful attempt on the above-mentioned support on Saturday as BTC dropped to $8,142.
We finally saw a breakthrough on Sunday, October 6. On its fourth consecutive red candle on the daily chart, the BTC/USD pair stormed pass the $8,000 support and fell all the way down to $7,850. The last time we saw the coin that low was in June this year. Bitcoin lost 3.6 percent of its value for the day and closed the week 2.4 percent lower compared to the previous seven-day period.
- After three days of constant pressure on the $8,000 support if it was finally broken. Looking to either test on $7,500, but most probably a re-break above $8k in the coming days, which we hope will hold for few days to confirm the uptrend.
We saw the price of BTC dropping even lower on the last day of the workweek when it ended the session at $8,151, but not before testing the $8,000 support one more time.
The weekend of October 5-6 started with another unsuccessful attempt on the above-mentioned support on Saturday as BTC dropped to $8,142.
We finally saw a breakthrough on Sunday, October 6. On its fourth consecutive red candle on the daily chart, the BTC/USD pair stormed pass the $8,000 support and fell all the way down to $7,850. The last time we saw the coin that low was in June this year. Bitcoin lost 3.6 percent of its value for the day and closed the week 2.4 percent lower compared to the previous seven-day period.
- After three days of constant pressure on the $8,000 support if it was finally broken. Looking to either test on $7,500, but most probably a re-break above $8k in the coming days, which we hope will hold for few days to confirm the uptrend.