Bitcoin looks like it might soon test near-$8,000 levels, as December’s record-breaking rally continues to unravel.
With major losses over the last few days seemingly brought about by negative regulatory news from China and South Korea, Bitcoin (BTC) is trading at $10,280 levels at time of writing, according to Coindesk’s Bitcoin Price Index.
A slight recovery from the 1.5-month low of $10,064 hit yesterday ran out of steam at $11,698 at 00:20 UTC today, and price once more started to drop. The cryptocurrency has depreciated by 14.35 percent in the last 24 hours, according to data provider CoinMarketCap.
With the indicators still all in bearish territory, the technical charts indicate scope for a drop close to $8,000 levels.