Bitcoin (BTC) Lost the Battle for $8,200
Bitcoin (BTC) turned sharply down in the new week. The asset slid below $8,150, breaking under a level seen as a potential support. BTC crashed to $8,135.89 as of 11:37 UTC on Monday, extending the slide from the past few hours.
Bitcoin (BTC) turned sharply down in the new week. The asset slid below $8,150, breaking under a level seen as potential support. BTC crashed to $8,135.89 as of 11:37 UTC on Monday, extending the slide from the past few hours.
Because of pricing anomalies, some exchanges see the asset sliding even under $8,100, with the potential to break down below the $8,000 mark.
BitMex prices signal significant sell-offs, with volumes doubling overnight. The futures on this exchange bet on a price slide, setting BTC at $8,075.
The latest price moves saw BTC erase as much as $500 within a day, adding to the momentum of the slide. The sell-off happens like 76% of all BTC activity is against Tether (USDT). Overall BTC volumes move around $18 billion’s equivalent in 24 hours.
At the moment, a slide under $8,000 is seen as imminent, with the potential to revisit the $7,500 level.
Some altcoin proponents suggest the bear market may only affect BTC. But during the recent price slide, altcoins also suffered, erasing a bigger piece of their value. Altcoins managed to keep up their levels in November, slightly independent of the slide in BTC, but now the tide has turned and altcoins may catch up with the downward moves.
The most recent downturn also saw the dominance of BTC in terms of market capitalization rise to 66.1%, suggesting BTC is now dropping less than altcoins.
BTC on-chain transactions also slowed down as prices slumped, to under 300,000 transactions per day. The USD value of those transactions remains around $1 billion in 24 hours.
Miners are still going strong, with a hash rate above 102 EH/s. The difficulty readjustment arrives in about two days, with expectations of a slight rise in difficulty.