Bitcoin price analysis: BTC/USD is back above $8,000 after crash on speculations about Twitter crypto ban

Bitcoin is recovering strongly from Sunday lows reached at $7,318 on the back of speculations about Twitter considering cryptocurrency advertisement ban, following the similar step taken by Google and Facebook.

Twitter is going to implement its new advertising policy prohibiting ads for ICOs. token sales and possibly cryptocurrency wallets in two weeks, according to Sky News.

While there is no official confirmation to that as of yet, such move is hardly surprising to anyone as Facebook and Google's measures put pressure on Twitter to follow the trend, set by the titans of the industry. 

Bitcoin price technical picture

From the longer-point of view, BTC/USD continues to move within the downside trend, below key technical levels including downside trendline and 200-DMA. The bulls have to take the coin at least above $8,500 on a daily close basis to get things going and extend the recovery towards $9,174 (200-DMA) and $9.500 (50-DMA). On the downside, the nearest support is produced by 61.8% 61.8% Fibonacci retracement level at $8,033 and followed by $7,800.

BTC/USD, the daily chart