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By CCN: In the past several hours, the bitcoin price has dropped from around $8,500 to $7,732, by nearly 14% against the U.S. dollar. A pullback for bitcoin was generally anticipated by technical analysts following its 130 percent year-to-date gain. Traders were taken aback by the magnitude of the drop of the dominant crypto asset in a short time frame and if the asset does not demonstrate a speedy recovery, several technical analysts forsee bitcoin testing support levels in the $7,100 to $7,300 range. Why bitcoin price fell and what it would need to rebound Some investors have speculated that The post Newsflash: Bitcoin Price Plunges 14% in Violent Spiral to $7,700 — Here’s Why appeared first on CCN