Cryptocurrency Market Update: Why Bitcoin is at the beginning of a massive downfall?

Bitcoin price is literally playing with fire. The widely traded digital asset failed to sustain gains above $9,300 last week following a bounce from levels marginally under $9,000. This put the sellers at the helm of the price actions over the weekend.

BTC/USD continued with the downtrend under $9,200 to the extent that $9,100 gave in. At the time of writing, BTC/USD is trading at $9,075 while the trend is facing a strong bearish bias. The only thing currently saving the bulls is the shrinking volatility which is ensuring that there are no rapid price actions.

As mentioned, Bitcoin slipped under $9,000 for the second time in June last week. The first time, BTC/USD embraced the support at $8,900. The second was a shallow dip under $9,000 last week. However, another drop into the $9,000 range could be explosive towards $8,600. Note that, in May Bitcoin retested the support at $8,600 and based on the prevailing bearish picture $8,000 downward target looks quite conservative.

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Major cryptocurrencies bleeding

The losses in the market are not unique to Bitcoin but the entire market is in the red too. For example, Ethereum is currently seeking support at $220 after suffering rejection at $228. Ether had recovered from the weekend low at $215. However, the drab technical picture in the market suggests that losses could reach $200 in the near term.

Ripple price has not been left out and is affected by the selling pressure. XRP/USD is trading 0.5% lower and dealing with increased volatility and a bearish trend. The fourth-largest crypto has a market value of $0.1760 after correcting lower from $0.1769. Gains above $0.18 are needed to keep the price in an upward trajectory towards $0.19 and $0.20 respectively.