A difficult week for Bitcoin is becoming a big hangover over the weekend as sales keep up the pressure. For the first time in six months, BTC dropped to less than $7k and is likely to suffer more losses.
Bitcoin Hits 6 months low
The crypto rally of 2019 is becoming a distant memory as the year closes. Bitcoin has fallen through several levels of support this week and Altcoins has been destroyed as usual. The capitalization of the encryption market has fallen by 16% compared to the same time last weekend.
Now it has been reduced to $ 200 billion that retains digital assets in the winter crypto sector.
According to Tradingview.com, BTC continued its decline and did not stop at $7k. The support vanished again and the King of the Cryptocurrencies fell on dangerous terrain with a wick below $6,800. This is its lowest level since mid-May, when everything was in the opposite direction.
At the time of writing, BTC returned to find land below $7,300, but it is unlikely to remain there for a long time.
Movement analysts say there is something wrong with these levels, but nothing more than a free fall to $6k or less.
With all the support broken in the last six months, the next retention level is $6,800. This is followed by a painful fall below the high level of $5k. All this is being prepared for another crypto winter and turmeric is expected next spring to bring life back to the crypto markets.
Reuters has reported that a Chinese collapse has led to the collapse, but it is unlikely to happen since Beijing's position on cryptography is already widely known.
The only way to find something positive about the current situation is to look at the big picture.
ALT Frozen Over
You cannot escape the digital avalanche and the altcoins have been skewed as usual. Total market capitalization increased to $190 billion, its lowest level for six months and a repetition of the brutal bear market from 201 BC.
Ethereum, which remains well until tomorrow, has dropped to $ 150 at all times. ETH has not been in this bad condition for 8 months and Bitcoin is likely to cause more pain if it falls. $135 is the next level of support for ETH.
Ripple's XRP has fallen to its lowest level before the 2017 bomb. The token is at a minimum of two years of $0.23, as market capitalization will fall below $10 billion. The Altcoins have been crushed, with losses of 7-8% throughout the day, in their bear market of 2018.
[…] The Bulls did not have the best week, as Coin reported, Bitcoin (BTC) lost 14% last week, trading at $7,300 at the time of writing this article. Despite the […]
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