Bitcoin Price Drops Below $8K

Despite forecasts of a possible sharp increase of Bitcoin price, the most liquid cryptocurrencies are sharply reduced in price. Today at 12:56 p.m.,  Bitcoin  was trading at $ 8,360, according to CoinDesk. During the day, bitcoin lost 14.25% in value, falling by more than a thousand dollars.According to CoinMarketCap, altcoins are falling in price too. Ethereum fell to $ 168.4 (-14.84%). XRP fell  to $ 0.239 (-11.37%). Bitcoin Cash lost at all 23.18% of the price, falling to $ 222.85.”Bitcoin’s collapse is associated with Bakkt’s recent futures launch, which was supposed to be a bullish catalyst but has so far fallen short of expectations. In addition, just before the launch of the platform, a hashrate in the Bitcoin network fell by 30%,” analysts explain.

Technicals point to the possibility of a short-term bounce, courtesy of an extreme oversold RSI on the daily chart and weaker histogram bars below 0. However, a measured move (the drawdown from peak to trough within the triangle) adds scope for a continuation to prior June 2018 supports near $6,100.Join to our Telegram channel to be always up-to-date with the latest news of the cryptocurrency space.