Bitcoin Price Analysis: BTC/USD Dip Below $7,500 Is Short-lived As Reddit Stops Accepting Bitcoin Payments

• Reddit encounters enough challenges to halt Bitcoin payments.
• The 23.6 percent Fibo could not work as support; selling pressure to be around this level.

A negative wave is sweeping across the cryptocurrency market causing most coins and altcoins to correct lower. Bitcoin price is down 6.29 percent on Thursday only a day after Reddit confirmed that it will not be accepting Bitcoin payments.

The decision has been made following the rising purchasing issues that are associated with Bitcoin payments. The website will in the meantime be watching the progress on Coinbase Commerce platform before a final decision is made on whether to restore the Bitcoin purchase feature or to scrap it all together. For now, the customers will have to seek more traditional methods of making membership purchases.

Bitcoin price technical picture

Bitcoin price is trading above $7,500 shortly after breaking below the level. The sharp descent was initiated around $7,870, but failed to find support at both $7,600 and $7,500 levels respectively. Currently, the price is exchanging hands way below both the 50 and the 100 moving averages. There is a widening gap between these two trend indicators to signal that the path of least resistance is to the downside. The 23.6 percent Fib retracement level with the last swing high at $8,435 and a $7,450 low failed to hold the price during the declines. However, there will be a buildup of selling pressure around this level during upside retracements. There is a growing bullish momentum around $7,502 level while the immediate support level is at $7,450.