Bitcoin Turns Bearish As Price Drops By 8 Percent

After nearly a month’s bullish rally, Bitcoin suddenly turned bearish with price dropping by nearly 8 percent to below $7,500 in 24 hours.

Bitcoin prices dropped below the $8000 mark on Tuesday as the currency’s trade volume started to drift lower after the price hovered around $8,150 the day before.

Later in the day, the price broke a key support level at $7,800 as bargain hunters failed to turn up.

The downtrend continued on Wednesday after opening at $7,726. At one point, the most popular cryptocurrency was selling at $7,468.

At the time of publishing this article, BTC is changing hands at $7,596 at Bitfinex.

Increasing sell volume continues to apply downward pressure, presenting a bleak outlook for bulls looking for a come back, Coindesk reported.

Bearish sentiment is starting to grip other major cryptocurrencies also, as they lost between 3-10 percent between Tuesday and Wednesday.

In one intra-day of trading, the entire cryptocurrency market capitalization has lost roughly $25 billion in value, according to Bitcoin news.

Experts forecast Bitcoin trading in the narrow range of $7,400-$7,800 in the next 24 hours.

Bitcoin price, which has been fluctuating most of this year, had hit a seven-month low of $5,755 on June 24. Since then, the it showed a steady recovery with a strong rally of more than $2750.

It hit a two-month high in the last week of July.

by Joji XavierRTTNews Staff Writer

Source: Read Full Article