Under Pressure: Bitcoin Price Could Defend $5.6K, Charts Say

Down two-thirds from its peak of $20,000, bitcoin (BTC) now risks printing fresh 2018 lows below $5,755. The corrective rally seen over the weekend failed to penetrate a key rising trendline hurdle of $6,480 on Monday, allowing the bears to make a strong comeback. As a result, the leading cryptocurrency fell below $6,000 (February low) and extended the slide to $5,859 earlier today – the lowest level since June 29 – according to Bitfinex data. As of writing, BTC is changing hands at $6,032 – down 6 percent in the…

Bitcoin’s Price Falls Below $6K to Near 2018 Low

The price of bitcoin fell below $6,000 on Tuesday, a move that brought the world’s largest cryptocurrency within 2 percent of its 2018 low.  At press time, bitcoin is trading hands at $5,922, printing a 5 percent 24-hour depreciation, according to the CoinDesk Bitcoin Price Index, up slightly from a low of $5,785 set June 24. Bitcoin is not alone in the sinking ship, however, as the broader market continues to suffer. At press time, the total market capitalization of all cryptocurrencies is below $200 billion, its lowest figure yet seen…

Below $200 Billion: Crypto Market Sinks to New 2018 Low

Falling prices have sent the total market capitalization of all cryptocurrencies back below $200 billion. Data from CoinMarketCap shows the total market cap slid to $189 billion on Tuesday, a move that follows successive days of market declines. The market cap first rose above $200 billion in November 2017, a development spurred at the time by the listing of bitcoin futures products. Leading the downward push is zilliqa, which has seen the value of its ZIL cryptocurrency fall by 35 percent in the past 24 hours. The decline is accompanied…

Bitcoin Price Hits 7-Month High Against Turkish Lira

Bitcoin (BTC) jumped to seven-month highs against Turkey’s national currency, the lira (TRY), on Monday. The price spike comes after the U.S. imposed sanctions against Turkey on Friday for continuing to hold an American pastor in custody. The resultant economic shock-wave has seen the lira drop to a new lifetime low of 7.20 TRY against the U.S. dollar today, after already having dropped 27 percent last week. On a year-to-date basis, the lira is down more than 80 percent against the greenback. The crash in the lira looks very likely…

Bitcoin Price Move Past $6.5K Would Boost Upside Potential

Against expectations, bitcoin (BTC) defended support at $6,000 over the weekend, opening the doors for a stronger corrective rally above $6,480. Friday’s drop below $6,240 (bear flag breakdown) had created room for a drop to the June low of $5,755. Further, BTC closed below Thursday’s low of $6,183 on Friday, signaling a continuation of the sell-off from the July 25 high of $8,507. However, while the odds were stacked in favor of the bears, a break below $6,000 did not materialize. But it was close: the leading cryptocurrency printed a…

Bitcoin Dominance Rate Hits 50% For First Time in 2018

Bitcoin (BTC) now makes up 50 percent of the entire cryptocurrency market capitalization. Shortly past 03:00 UTC on August 11, CoinMarketCap’s bitcoin dominance rate – an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency – reached 50 percent for the first time since December 19th, 2017. At press time, bitcoin’s market capitalization now records $105,785,552,545, which is about $901 million more than the market capitalization of every other cryptocurrency combined. Chart via CoinMarketCap The above chart shows bitcoin’s dominance rate has been on…

Today’s Close Could be Pivotal for Bitcoin’s Price

Bitcoin’s (BTC) close today will likely decide the short-term trend in prices. The leading cryptocurrency snapped a three-day losing streak on Thursday as the 26 percent sell-off witnessed in the last three weeks was looking overstretched. What’s more important is that BTC traded yesterday within the high and low range of the previous day, indicating the bears have likely run out of steam and the bulls are still reluctant to enter the market at these levels. It seems safe to say that the bitcoin market has become indecisive in the…

$30 Billion Lost: 4 Stats That Show a Crypto Market in Decline

The crypto markets are seeing red in a big way Wednesday as an ongoing rout is wiping away billions of dollars in value. As reported by CoinDesk, the collective market capitalization for all crypto assets hit a new low for the year earlier today – as it stands, the overall market cap is roughly $225 billion, representing a significant decline from the more than $800 billion witnessed in early January of this year. Among the developments driving the market turmoil: the fact that the U.S. Securities and Exchange Commission (SEC) decided to…

The Crypto Market Just Hit a New Low for 2018

The total market capitalization for all cryptocurrencies just fell to its lowest point in 2018. The developments come after the US Securities and Exchange Commission (SEC) delayed a decision on a proposed bitcoin exchange-traded fund (ETF). The news triggered a market reaction, ultimately sending the total value of all cryptocurrencies down to $227.8 billion on Wednesday – the lowest level since November 2017 – according to data from CoinMarketCap.  The drop to nine-month lows marks a 10.7 percent depreciation on a 24-hour basis. As of press time, the market capitalization had risen back…

Bitcoin Outlook Sours As Price Sheds 70% of Recent Rally

Bitcoin’s recent downtrend has deepened in the wake of a decision by the Securities and Exchange Commission (SEC) to delay a ruling on a keenly awaited bitcoin ETF. The leading cryptocurrency was expected to stage a minor corrective rally in the last 24 hours, having defended the key 50-day moving average (MA) support earlier this week. However, the sellers made a strong comeback above $7,100 after the SEC exercised its right to postpone the decision on whether to approve a rule that would allow Chicago Board Options Exchange (CBOE) to…