Bitcoin

Bitcoin blows through $8 000 as traders look for next support

Bitcoin is heading toward its lowest close since June.

By Todd White, Bloomberg 7 Oct 2019 14:31

Bitcoin is dragging down other digital currencies as it falls below $8 000. Image: Chris Ratcliffe, Bloomberg

Bitcoin fell below $8 000, heading toward its lowest close since June and dragging down most other digital coins in its wake.

The most-traded cryptocurrency slipped as much as 4.9% from its Friday close and looks set to test a fresh resistance level of $7 355. It has failed for days to regain the $8 595 mark that represents a 50% drop from its high of the year.

The biggest peer-to-peer currency has had short-lived rebounds in the past month as it successively fell through a support level in the $9 000s and then its 100-day moving average. Traders often look to technical analysis when there’s little news to explain price movements in a market characterised by anonymous ownership and poorly correlated with major asset classes.

Bitcoin was down 3.4% to $7 890 at 10:14 am London time. Declines in rival digital coins ranged from as little as 2% for EOS to 4.4% for Monero. The best gainer among the most-traded cryptocurrencies was XRP, up 5.4%.

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One day the coin will be headlines. For reasons not connected to brains. Quantitative easing use the same tactics. And is working thanks to brains on drugs. Climate, Greta, all on the hunt for more. Outstanding is Biden. Living in fools paradise but in Dollars. Clever.