Bitcoin's (BTC) retreat from the 200-day moving average gathered pace in the last 24 hours, suggesting scope for a drop to $8,000.
The cryptocurrency created a small doji candle at the moving average resistance on Wednesday, signaling indecision among the bulls, Bitfinex data shows. Prices then fell below the key support of $8,752 at 09:00 UTC yesterday, opening the doors for a deeper pullback.
Accordingly, BTC hit a low of $8,333 on Bitfinex earlier today and was last seen at $8,465.
Meanwhile, CoinDesk's Bitcoin Price Index (BPI), which represents the average of BTC prices on the world's leading exchanges, is seen at $8,471 - down 2.77 percent from the previous day's close (as per UTC) of $8,713.
https://www.coindesk.com/8k-bitcoin-under-pressure-after-rejection-at-key-hurdle/
