Bitcoin Price Loses Major $8,000 Support Level and Sinks to 4-Wk. Low

After several days of downward price pressure Bitcoin (BTC) fell below $8,000 on Nov. 21 losing a major support level.

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Data from CJsGO Markets showed BTC/USD entering the $7,000 range on Thursday. This marks its lowest trading range since the last week of October  erasing the surge following China’s sudden embrace of blockchain technology. The slide to $7,880 was met by an immediate bounce to $7,940 and thend back down to 7632.92 at the time of this post.

Bitcoin’s dominance rate has dropped to 65.9% Since reaching a dominance level of 69.35% on Oct. 27.

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Former US Treasury and International Monetary Fund Economist, Mark Dow Tweeted “Bitcoin is dying.”

#Bitcoin is dying.

— Dow (@mark_dow) November 21, 2019

Bitcoin’s tumble below the 200-Day Moving Average (closely-monitored TA sell indicator) is cause for alarm.  If BTC does not quickly regain the level, the 200-DMA will turn from support into a resistance level.

The top 10 by crypto currncies by market capitalization are also seeing quite a bit of red, dropping by 4% to 9%. The total market capitalization shaved off  9%, wich is equivelent to nearly 210 billion.