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Bitcoin Correction Getting Close to 8,000 Mark

bitcoin BTCUSD

Βitcoin – BTCUSD gives up 0.37% today at $8,135.00 after failed the last two trading sessions of the previous week to regain the 50-day moving average. Bitcoin started a correction in late October and formed a bearish channel that drives the price since then. Bitcoin is approaching the key 8,000 mark where bulls and bears will give a battle for the future trend of BTC but will also affect all the cryptocurrencies

Bitcoin Technicals Levels to Watch

Bitcoin is now in a bearish path as it hovers below all major daily moving averages. As the bitcoin slips away from the 50-day moving average the first level of support stands at $8,077.47, in case the BTCUSD breaks below the next support lies at $8,000 and then at $7,774 a level that provided strong support during October.

Looking north, buyers will face the intraday resistance at $8,197.77; in case of a convincing break above an attempt to regain the 50-day moving average at $8,562.31 is a possible scenario, while if bulls clear that level too next massive offers would be met at the 9,050 zone.