Bitcoin Drifts Down as Price Breaks Below Key $7.8K Support

[sirty143]

Bitcoin bears may be in the midst of taking an upper-hand.

At press time, BTC is changing hands at $7,536 on Bitfinex, down 6.9 percent on the day, a figure that also finds the price breaking a key support level at $7,800.

The world's largest cryptocurrency by market capitalization has been largely confined to a narrow price range of $7,673–$7,800, since it broke $8,000 yesterday. However, mounting sell volume continues to apply downward pressure, presenting a bleak outlook for bulls looking to take back the reins.

As such, bulls now are looking for 24-hour volume in excess of 2.4 billion, a threshold that would inspire hope of a reversal.

For those eyeing the charts, the extenuated bearish MACD demonstrates high price volatility and negative price action with the signal line (orange line) continuing to plow under.

More here, https://www.coindesk.com/bitcoin-drifts-down-as-price-breaks-below-key-7-8k-support/