Bitcoin Faces Crucial Support, Altcoins Bleeding

The last couple of days saw the entire cryptocurrency market bleeding as Bitcoin and altcoins all marked notable decreases.

Bitcoin lost around 5% of its USD value at one point, as it dropped from a daily high of $8,800 to about $8,360 in just a few hours. The cryptocurrency managed to recover ever so slightly as it’s currently trading at around $8,470, still down about 2 percent on the day.

As CryptoPotato reported, the support at $8,500 also represents the Golden Fibonacci level of 61.8% since the significant 42% surge a few weeks ago. As such, it’s essential to see how the price will perform here and whether bears will keep on dominating the market momentum. For the current trend to reverse, Bitcoin’s price would have to break above $8,700 and $8,800 and then face the psychological resistance at $9,000.

BTC/USD. Source: TradingView

The situation with altcoins isn’t any better either. While some cryptocurrencies managed to increase during Bitcoin’s consolidation period earlier this week, a lot of them are currently trading in the red. Ethereum, for instance, spiked to $187 but pulled back since then and is currently trading at $183, down 2%. XRP’s also dropped from $0.27 to $0.263 to record a loss of around 1.5%. While they might seem insignificant, these losses add up, and the entire market’s capitalization lost about $3 billion over the past 24 hours.

Total Market Capitazalition: $233 Billion | Bitcoin Market Capitalization: $154 Billion | Bitcoin Dominance: 65.9%

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