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Bitcoin price is continuing with the losses posted over the weekend with another devastating drop under $8,000. In spite of the Asian session looking bullish, the bulls have lost their lifeline support. BTC/USD is trading at $7,924 amid increased selling activity. The existing bearish pressure coupled with high volatility suggests that losses are not done exploring how deep the rabbit hole goes. If the support at $7,800 fails to hold, the bulls should be prepared for another rollercoaster drop to $7,400 and $7,200 respectively.