Bitcoin Loses $79,500 Support as Price Slumps to $78,542

Bitcoin's price fell to $78,542.62 on Tuesday, down 0.81% from the previous session. The coin spent the European morning trading between $78,357 and $78,995 before losing the $79,500 support level it had held throughout last week.

The 20-day simple moving average sits at $78,440, and Bitcoin is currently trading almost exactly on it. The daily structure has not broken, with the coin continuing to trade above its various moving averages since the August advance.

Looking ahead, Bitcoin's price needs sustained trading above $78,340 to keep the reversal thesis intact. A higher low at or above that price would be stronger evidence than a single candle punching through and immediately failing back.