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.  

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