Bitcoin Price Drops to Three Week Low as Altcoin Market Takes a Hit

Bitcoin Price Drops to Three Week Low as Altcoin Market Takes a Hit
фото показано с : ethereumworldnews.com

2018-8-6 16:19

Bitcoin has slipped below $7,000 for the first time in three weeks as the number one cryptocurrency has failed to gather any post-weekend momentum. Altcoins are also experiencing significant 24 hours trading declines as the week starts of on a sluggish note.

Bitcoin Falls Below $7,000

The top-ranked cryptocurrency has been unable to stay above the critical $7,200 support level. BTC is now trading below $7,000 for the first time since mid-July 2018. Today’s dip is consistent with the struggles of BTC and the market in general since the start of August. Most of the gains made during the previous month have been eroded by a sluggish performance across the board in August.

Today’s dip puts BTC’s year-to-date (YTD) decline at 60 percent. At press time, the top-ranked cryptocurrency was trading at $6989.36 having dropped 0.77 percent within the last 24 hours of trading.

Bitcoin is Lacking Upward Momentum

The preliminary consensus is that BTC is lacking market exuberance resulting in a lack of upward momentum. BTC appears unable to set higher highs and higher lows. Instead, most of the technicals shows negative market driving forces. Commenting on the present situation, Mike McGlone and Eric Balchunas at Bloomberg said:

Bitcoin and the cryptocurrency market appear quite vulnerable early in August. Supply, demand and price indications remain negative.

Last week, Ethereum World News reported that BTC needed to hold on the $7,200 support level or risk falling below $7,000. At the onset of the July price rally, while many experts proclaimed it was the start of a sustained bull run, Arthur Hayes of Bitmex opined that it was only a temporary squeeze. Hayes also went on to say that BTC must test $5,000 before any bull run can begin.

Apart from Bitcoin, other cryptocurrencies are also experiencing significant dips. Among the top ten coins, MIOTA, XLM, and XRP are leading the losers pack. Those three coins have declines 3.5, 1.85, and 1.02 percent respectively.

Do you think Bitcoin will test $5,000 in this latest decline? What is your end of August BTC price forecast? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.

The post Bitcoin Price Drops to Three Week Low as Altcoin Market Takes a Hit appeared first on Ethereum World News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 62121.24 (+0.05%)
Объем 24H $24.091b
Изменеия 24h: 0.55 %, 7d: -0.03 %
Cегодня L: $61392.69 - H: $62201.26
Капитализация $1223.698b Rank 1
Цена в час новости $ 6961.3 (792.38%)

bitcoin week three below cryptocurrency hit drops

Источник: ethereumworldnews.com

bitcoin week → Результатов: 126


Фото:

Bitcoin Bottom In? Retracement From $73,800 Is Deeper And Took Longer To Form

Some analysts were frightened by the recent drop in Bitcoin prices. Though the coin is showing signs of strength, multiple leveraged longs were liquidated early this week. In a post on X, one analyst thinks Bitcoin might have just found support, bottoming up after the contraction this week, pushing it lower from the multi-week range established in mid-March through to the better part of April.

2024-5-4 23:00


Bitcoin Blasts Past $70,000 In Wild Week To Register New All-Time High

The price of bitcoin has shattered records by briefly surging past the $70,000 mark earlier today, signaling a renewed wave of enthusiasm among investors. The top cryptocurrency experienced a steady climb throughout the week with a sustained 12% rally, aided by the introduction of spot bitcoin exchange-traded funds (ETFs) in the United States.

2024-3-11 11:32


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru