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Bitcoin slipped below $ 7,000 for the first time in three weeks, as the number one cryptocurrency failed to pick up the post-weekend momentum. Overcoins are also recording a significant drop in 24-hour bargaining with a slow note.
Bitcoin drops below $ 7,000
First-class cryptocurrency has not been able to remain above the critical support level of $ 7,200. BTC is currently trading below $ 7,000 for the first time since mid-July 2018. The drop today is consistent with the struggles of BTC and the market generally from the beginning of August. Most of the gains made during the previous month were eroded by a slow performance across the board in August.
Today's dive puts BTC's decline from the start of the year (YTD) to 60 percent. At the time of the press, the first-class cryptocurrency was trading at $ 6989.36 after losing 0.77% in the last 24 hours of trading.
Bitcoin is losing momentum towards the top
The preliminary consensus is that BTC lacks the exuberance of the market with consequent lack of momentum towards the top. BTC seems unable to set higher highs and higher lows. Instead, most technicians show negative market forces. Commenting on the current situation, Mike McGlone and Eric Balchunas at Bloomberg said:
Bitcoin and the cryptocurrency market appear quite vulnerable at the beginning of August. The indications on offer, demand and price remain negative.
Last week Ethereum World News reported that BTC had to maintain the support level of $ 7,200 or risk falling below $ 7,000. At the start of the July price rally, while many experts were proclaiming that it was the start of a sustained upward rush, Arthur Hayes of Bitmex claimed that it was only a temporary hold. Hayes also went on to say that BTC must test $ 5,000 before any bull runs can begin.
In addition to Bitcoin, other cryptocurrencies are also recording significant declines. Among the top ten coins, MIOTA, XLM and XRP are driving the loser. These three coins fell respectively by 3.5, 1.85 and 1.02 percent.
Do you think Bitcoin will verify $ 5,000 in this last decline? What is your forecast of BTC prices at the end of August? Continue the conversation in the comments section below.
Image courtesy of Coinmarketcap.
