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  • Bitcoin in nursing  massive losses as $7,800 is broken.
  • Critical support  is created by  $7,450, followed by $7,000.

Bitcoin (BTC) is in thee free fall. The first cryptocurrency broke below critical $7,800 supported by SMA 200 (Simple Moving Average) on a weekly chart and extended the downside towards $7,400. At the time of writing, the coin is changing hands at $7,480 amid strong bearish pressure.

Looking technically, the initial support is created by  $7,450 (the lower line of the Bollinger Band on a weekly chart). It is followed by a psychological $7,000.  

On the upside, we will need to see a recovery above $7,500 ( the lower boundary of 15-min Bollinger Band) to mitigate an initial pressure and allow for an extended recovery towards $7,800, which now serves as resistance.

BTC/USD, the 15-min chart