The negative evolution of Bitcoin again brings the price below $ 8000

Bitcoin price suffered another significant drop on Sunday, losing over $ 800. Fortunately, the congestion of shoppers at $ 8,000 has generated temporary support. Unfortunately, this support seems to be quite fragile, and Bitcoin seems to continue to decline.

Analysts say that Bitcoin bulls have to defend their support at $ 8,000, as future developments depend on it. However, the technical charts show that the short-term trend is decreasing, as the sales pressure is still high.

Currently, cryptocurrency has fallen below $ 7800 according to CoinMarketCap, a drop of over 10% in 24 hours.

If support for $ 8,000 ceases, there is a good chance that Bitcoin will drop to $ 7,200 or even $ 7,000.

The negative evolution of Bitcoin

The next week is quite important for Bitcoin for several reasons. At present, with the state of global panic, there are a lot of irrational behaviors. In this situation, the technical analysis could be completely unnecessary.

Analyst Jacob Canfield presented three possible reasons for the negative evolution of Bitcoin lately. While most other analysts claim that BTC was affected by the Coronavirus outbreak, Canfield offers two more reasons.

If looking for bearish narratives, there are currently 3 that could be impacting #bitcoin
1.) Coronavirus (all markets selling off)
2.) Miner hoarding (typically strong bearish indication)
3.) PlusToken scam dumping on the market again. (They moved 19k bitcoin yesterday)

– Jacob Canfield (@JacobCanfield) March 7, 2020

He is of the opinion that Bitcoin miners have started storing coins in the prospect of the expected price hike after the May halving.

In addition, the PlusToken scam continues to liquidate Bitcoin held. According to several reports, approximately 19,000 BTCs belonging to these portfolios were transferred through several mixers in preparation for sale.