Bitcoin blows through $8,000 as traders look for next support

INTERNATIONAL – Bitcoin fell below $8,000, heading toward its lowest close since June and dragging down most other digital coins in its wake.

The most-traded cryptocurrency slipped as much as 4.9% from its Friday close and looks set to test a fresh resistance level of $7,355. It has failed for days to regain the $8,595 mark that represents a 50% drop from its high of the year.

The biggest peer-to-peer currency has had short-lived rebounds in the past month as it successively fell through a support level in the $9,000s and then its 100-day moving average. Traders often look to technical analysis when there’s little news to explain price movements in a market characterized by anonymous ownership and poorly correlated with major asset classes.

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