The cryptocurrency market resumes the decline, Bitcoin (BTC) dangerously close to $8,000
|- Bitcoin (BTC) is moving towards critical support $8,000.
- Altcoins are range-bound with a bearish bias, following bitcoin's sell-off.
Bitcoin and major altcoins resumed the decline after a short period of range-bound trading on Wednesday. The total market capitalization retreated to $220 billion, according to CoinMarketCap data. An average daily trading volume stabilized at $52 billion, while Bitcoin’s market settled at 66.3%. The market players are getting nervous as Bitcoin bulls fail on approach to resistance levels time and again.
Read also: Bitcoin futures attract increasingly more interest from large investors - CME Group
Top-3 coins price overview
BTC/USD dropped to $8,012 during European hours. Despite the recovery towards $8,050 by the time of writing, the coin is still down 2.5% on a day-on-day basis and vulnerable to further losses. A sustainable move below $8,000 will be regarded as a bearish signal that may take the [rice to the important support located on the approach to $7,800.
Ethereum, the second-largest digital asset with the current market capitalization of $19.2 billion extended the decline towards $176.70. ETH/USD has lost 3.7% of its value on a day-on-day basis amid the resumed sell-off on the cryptocurrency market. Looking technically, a sustainable move below #180.00 worsened the short-term picture.
Ripple’s XRP settled at $0.2860, down 1.5% in recent 24 hours. XRP/USD attempted a recovery above $0.2900, but the general bearish trend took its toll and pushed the price back inside the previous range.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.