Bitcoin is still seriously trying to hit the $8,000 mark and has been unsuccessful at it. Not only has it been unable to get above the price mark, but the price also dropped much lower than the near $8k price and directly caused a crash in the entire crypto market capitalization.
In less than 24 hours, the general market cap dropped from $250 billion to about $238 billion, costing the market at least $12 billion. This crash in price caused many other altcoins to follow suit, with their prices crashing too.
The Bitcoin Pullback
Bitcoin has tried a few times in about a fortnight to conquer the $8,000 resistance. Sometimes, it rises over $7,900, almost hitting the mark but slides back down again. Within the last 24 hours, it dropped more than 4% to trade a little over $7,600. However, this value was much lower on some exchanges, recording prices just a little above $7,500.
Following the current price behavior, we can ultimately conclude that the $7,400 mark is an important level of resistance for the asset. As long as Bitcoin stays above that mark, there generally is still a lot of hope.
However, there’s a chance that if Bitcoin drops below $7,400, then it might only be a matter of time before it drops further to $6,800 or maybe even $6,400, losing about $1,000.
Popular trader, Josh Rager has suggested that at the moment, there really is nothing to worry about because Bitcoin is “neither bullish nor bearish.”
What About the Altcoins?
Maybe there’s a need, however little, to worry about the altcoins, most of which aren’t doing very well at the moment. Ethereum, for example, dropped to $240, losing at least 5%.
Both XRP and Bitcoin Cash (BCH), the third and fourth largest cryptocurrencies according to market cap, have performed a bit worse as BCH lost 6% and dropped lower than $400 with XRP dropping about 6.3% to hit $0.375. EOS has also dropped 6%, just like its “colleagues.”
Other altcoins including Stellar, Cardano and BSV have also experienced some decline. Stellar and Cardano have both dropped about 8%. Surprisingly, BSV surged almost 100% just recently but has now lost 11% along with the other altcoins.
Even though the statistics aren’t looking good, the market is generally still a lot better than it used to be and a bullish trend is still expected to follow.