Bitcoin, the top-ranked cryptocurrency has lost close to five percent of its value in only a few hours as the cryptocurrency market experiences a significant price decline. In fact, only three out of the top 100 coins are ranked by Coinmarketcap have experienced positive price growths over the last 24 hours.
Bitcoin Back Below $8,000
The big news today is that Bitcoin has slipped below $8,000 and is in danger of moving even further as significant bull resistance levels seem unable to hold. In the space of six hours beginning at 10:00 AM UTC, the top-ranked cryptocurrency has been on a downward spiral. By 1 PM UTC, prices dropped below $8,000 and continued downwards below the $7,900 resistance level. At the time of writing this article, Bitcoin is priced at $7,749.24 with a decline of almost 5 percent since the start of the day.
Today’s price dip is entirely out of pattern from the behavior of the cryptocurrency over the past few days. Ever since July 25 when BTC peaked at $8,400, the crypto has been testing the $8,200 price level leading analysts to identify that price as a likely support level against any decline. However, today’s drop has taken BTC further down from $8,200, and BTC enthusiasts will be hoping for some support above $7,700.
Cryptocurrency Market in the Red
Apart from the BTC, the entire cryptocurrency market is in red. 97 of the top 100 coins have experienced significant losses today. EOS leads the losers pack in the top 10 ranking, declining by more than 10 percent
Is today’s decline a technical correction or the resumption of bear market conditions? Keep the conversation going in the comment section below. At the time of writing this article, EOS is trading at $7.24. Others like Stellar, Cardano and Ethereum have also been walloped by the sweeping losses in today’s trading.
Stellar is down by 8 percent while Cardano and Ethereum have dipped by nine percent and six percent respectively. For Ethereum, the price loss has seen its valuation taking a massive hit, shedding $40. The steep decline for Ethereum saw the second-ranked cryptocurrency lose $14 in a 90-minute period. Ethereum’s price loss has seen the cryptocurrency’s weekly and monthly performance also suffer a hit, declining by both ten and five percent respectively.
Other notable altcoin price movements include NEO declining by eight percent and ICX dropping by 12 percent.
Do you think the current price decline is due to a technical correction? Is it the start of the bear market resurgence? Keep the conversation going in the comment section below.
Image courtesy of Tub of Cash and Coinmarketcap.com.