Bitcoin price (BTC/USD) falls to low $7,800 area on Tuesday

Bitcoin price (BTC/USD) falls to low $7,800 area on Tuesday

In a technical analysis piece published earlier today, industry website Coindesk noted that Bitcoin had been stuck in the $7,500–$8,100 trading range since June 5. The website added that while BTC could go in either direction, a downward move was more likely.

“A high volume falling channel breakout on the 4-hour chart, if confirmed, would revive the bullish outlook and open the doors to $8,500,” the online publication said. “The 4-hour chart moving averages and trading volumes indicate the price is more likely to fall back to $7,500 in the next 24 hours.”

“A break below $7,500 would validate the bearish doji reversal confirmed by Sunday’s close below $8,000 and allow a deeper drop below $7,000.”

In today’s trading, the Bitcoin price stood at $7,811.54, as of 14:04 BST. The digital coin has lost 2% of its value in the past 24 hours. Its total market capitalisation currently stands at $138.7 billion, which represents 55.6% of the combined value of all digital currencies.

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