In the last 36 hours, the Bitcoin price against the USD started to slip heavily owing to overlong sideways action. The BTC/USD pair has dropped over 5%, summing-up the overall 9% drop since the July’s high at 8512-fiat.
The world's largest cryptocurrency by market cap has been confined to a narrow price range of $7,673–$7,800 since it broke $8,000 yesterday. However, mounting sell volume continues to apply downward pressure, presenting a bleak outlook for bulls looking to take back the reins.
We can be sure that these trends indicate that sudden cryptocurrency market turbulence, bears have taken control of the exhausted bulls.
A bearish sentiment is starting to take over the cryptocurrency market once again as many digital assets saw prices tumble today. In the past 24 hours, BTC prices dropped to a low of $7,502 after the price hovered around $8,125 the day prior. A majority of other cryptocurrency markets followed suit with BTC as the top ten virtual currencies are seeing losses across the board of course except for tether (USDT).
Bitcoin Cash (BCH) saw a rejection noted around the $820 zone in bitcoin cash price against the US Dollar. The BCH/USD pair failed to break the 100 hourly simple moving average and $830. As a result, there was a sharp decline and the price tumbled below the $800 and $770 support levels. During the decline, it even settled below the last swing low at $780. It opened the doors for more losses and the price dipped below the $750 support area.
The ETH/USD pair extended declines below the $465 level and tumbled by more than $40. It even broke the $440 and $426 support levels to move into a bearish zone. The recent low was near $411 and it seems like upsides and recoveries are likely to be limited in the near term. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $458 high to $411 low.
ETH markets are followed by ripple (XRP) which is down 2.8 percent over the last 24-hours as one XRP is trading for $0.42 cents. Lastly, the fifth highest market capitalization held by EOS is also down 6.6 percent and the currency is trading at $7.13 per coin.
The current market seems to be taking sides of skeptics and bearish cheerleaders. Volumes across the board for many cryptocurrencies have been getting flattered as each day passes. The Winklevoss Twins fund was denied again, putting a black cloud over positive vibes toward the Cboe ETF. Moreover, everyone is unsure exactly when the Securities and Exchange Commission (SEC) will make their ultimate decision.
It is safe to assume that the bullish trend that we have seen for past couple of weeks will not be returning any time soon. However, depending on who you are and what your personal goals are here – in the long run, there shall prove to be way more people who will say “I wish I bought Bitcoin when it was in the $7,500 range vs I wish I sold my Bitcoin”.