Cryptocurrency Market Update: Crypto sell-off returns as Bitcoin dives under $8,500

The cryptocurrency market is back in the red, erasing the shallow gains posted on Wednesday. All the major digital assets are struggling with losses between 1% and 6%. The most affected cryptoassets are IOTA, Ethereum Classic and Bitcoin gold, having shed off 5.5.65, $5.74 and 4.66% in that order.

NEM surges massively after partnership news

Interestingly, NEM (XEM) is in the green after the price corrected higher 8% in the last 24 hours. NEM soared 20% on Wednesday following news that the network had struck a partnership with a popular online-based travel company. The partnership the Travala will see XEM used in hotel bookings alongside 20 other cryptocurrencies.

Bitcoin ETF Seems imminent in the next 12 months

The hopes of having the first Bitcoin exchange-traded fund (ETF) hit rocks in 2019. Most of the proposals sent to the Securities and Exchange Commission (SEC) were rejected. However, an analyst, Ryan Selkis says that “we'll finally see a Bitcoin ETF in the next 12-18 months.” Selkis believes that it is Grayscale that will receive the first go ahead. Developments in the past three months have placed Grayscale in SEC’s good books. The company is now officially allowed to report to its financial records to the regulator as well as be open to financial auditing.

Bitcoin price technical picture

Bitcoin is making a comeback below $8,500 (previous week support). Prior to the ongoing bearish activity, Bitcoin surged briefly above $8,600. Unfortunately, upward movement stalled short of $8,700. Also limiting price movement towards $9,000 is the descending trendline, forming part of the falling triangle.

As long as the support at $8,450 holds, Bitcoin still has the potential to correct in the direction of $9,000, especially if a break occurs above the triangle resistance. Bitcoin is also almost oversold, which signals that a reversal could be around the corner.

BTC/USD 1-hour chart