BTCUSD Crash Continues

Bitcoin has continued its double-digit weekly decline, with the number one cryptocurrency crashing back towards the $7,500 support level. Going forward, a break below the $7,220 level would be extremely bearish for the BTCUSD pair over the medium-term. BTCUSD buyers desperately need to rally the cryptocurrency back above the psychological $8,000 resistance level.

The BTCUSD pair is only bullish while trading above the $8,000 level, key resistance is located at the $8,200 and $8,500 levels.

If the BTCUSD pair trades under the $8,000 level, sellers may test towards the $7,220 and $6,600 support levels.

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Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 40 million trading accounts.

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