Bitcoin Price Breaks Below $8,000

Bulls have thus far been able to defend $7,500, causing a slight bounce to as high as $7,650 as of the time of this writing, but the defense is already starting to fail and return to declining prices.

Support at this level, ranging from $7,300 where the previous major reversal occurred, through $7,500 is a critical level that bulls must defend to prevent a much deeper drop into the $6,000 range.