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Yesterday saw the top twenty altcoins experience mixed movements on the day, whilst Bitcoin’s price dipped below the $8,000 area.

Bitcoin price dips below $8,000

At the time of writing Bitcoin’s price is down 1.36% and trading at $7,929.68 as per data from CoinMarketCap. Notably, as per BTC’s weekly chart, the coin is down by 1.49%. Bitcoin’s price continues to struggle to recover and crypto analysts believe the coin is set for further decline towards the $7,500 support.

Currently, there is a crucial declining channel forming with resistance near the $8,050 on BTC/USD’s hourly chart. BTC’s price is more than likely to speed up the decline below $7,800 and $7,750 levels in the near term.

Bitcoin’s price is displaying bearish signs below $8,000 against the US dollar and currently remains at risk of an extended drop towards the $7,500 weekly target.

During the past several trading sessions, bitcoin has seen a steady decline from the $8,500 resistance against the US Dollar. Furthermore, the pair broke several supports close to $8,300 and $8,200, thus entering a bearish zone. There was also a close below the $8,200 area as well as the 100 hourly simple moving average.

In addition to this, the bears have gained traction and succeeded in pushing BTC’s price below the $8,000 support area.

Altcoin markets showing mixed signals

Ether (ETH), the world’s second-largest crypto by market cap, has shed 1.09% and is currently trading at $173.13. XRP, the third-largest crypto, has gained 4.77%, trading at $0.266220, Tether is down by 0.64%, Bitcoin Cash is up by 2.05%, selling at $226.15 and Litecoin is down by 1.60% and trading at $55.27.

EOS is up by a modest 0.51%, trading at $2.98, while Binance Coin (BNB) has shed 0.20%, trading at $15.38, Bitcoin SV (BSV) is also down, by 0.76%, exchanging hands at $82.24 and Stellar Lumens (XLM) is up by 1.46%, selling at $0.059549.

At the time of writing the total market capitalization of all cryptocurrencies sits at $213,943,831,300. Be sure to check in again at 14:00 for your daily cryptocurrency news and prices.

(Excerpt) Read more Here | 2019-10-07 09:45:11

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