On Monday Bitcoin price (BTC) abruptly fell below the $7,040 support and dropped to $6,800. As recent as Nov. 22 and Nov. 27, $6,800 served as support so a number of traders had already identified the price as the point where Bitcoin would land if the price pulled back.
At the time of writing Bitcoin is struggling to hold $6,600 and if the current level fails to hold, traders will look for the price to follow the familiar pattern of dropping to the long-term descending channel trendline support at $6,400. Let’s take a look at several technical reasons why BTC/USD is now eyeing a new 7-month low.