On Wednesday morning, Bitcoin price slid down below the critical $8,000 price point and is now sitting closer to $7,600. The previously established $8,100 support level was unable to hold. Over the past seven days, Bitcoin value plunged by nearly 8%.

Today’s freefall is a big indication that Bitcoin could be on a long-term bearish trend. As evidence; the six-month moving average has now moved in favor of the bears and forms a bearish crossover with the 10-month moving average. This kind of bearish crossover hasn’t happened since 2014.

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