Cryptocurrency prices have dropped considerably over the past 48 hours since our last markets update. Currently, the entire digital asset ecosystem has lost more than $32 billion since that time, and BTC/USD values have once again dipped under the $8K range.
Also Read: 80,000 New Merchants in Europe Gain Option to Accept Crypto
BTC Sees Another Drop Below $8,000 USD
Traders are seeing quite a bit of bearish sentiment within cryptocurrency markets as more than 60 percent of the top digital assets are seeing losses. BTC/USD markets are hovering just above the $7,800 region after losing momentum just above the $8K zone during today’s early morning trading sessions. BTC global trade volume is only a few million lower than our last analysis, as the past 24-hours has seen about $5.2Bn in trades. The top five exchanges worldwide trading the most BTC today include Bitfinex, Okex, Binance, Bitflyer, and Huobi. The Japanese yen is once again dominating the fiat pack traded with BTC as the yen has commanded over 54 percent of global trade volume. The rest of the currencies traded behind the yen include the USD (22%), tether (13.9%), the euro (3.5%) and the Korean won (2.9%). There’s around $14.4Bn worth of global trade volume among all 1,500+ cryptocurrencies during the past 24-hour trading sessions.
BTC/USD Technical Indicators
Looking at BTC/USD charts show bulls have shown signs of exhaustion after the price was hovering around $8,500+ just a short time ago. The 4-hour chart shows the Macd is heading southbound around -207.29. RSI and Stochastic have been following the same downwards pattern, however, the oscillators have started kicking upwards a bit over the past 4-hours. This indicates BTC prices are struggling at the moment with failed attempts to keep the price above $8K.
Since our last markets update, the long and short term Simple Moving Averages (SMA) had crossed hairs and split, showing signs of bearish sentiment. The gap between the 100 SMA and the 200 SMA is now much more extensive, indicating the path to resistance looks to the downside. Order books show a pretty good temporary foundation until the $7,600 territory. After that, there’s a good amount of buyers all the way to the $6,900 zone. On the upside, bulls breaching the $8K region again, continuing to drive past $9K, could indicate some bullish momentum.
Bitcoin Cash Markets Continue to Follow a Similar Correlated Pattern
Bitcoin cash (BCH) markets are also feeling today’s losses, as the currency is now around 890 per BCH. Over the past 24-hours, BCH trade volumes across popular exchanges is about $339Bn. The most traded currency swapped for BCH today is BTC (51%), and traders have seen many opportunities over the past 24-hours. This is followed by tether (USDT 25%), USD (14.4%), the South Korean won (3.2%), and Binance coin (1.6%). The leading trading platforms show a small kick upwards on the 4-hour chart. Although the jump northbound could be a bull trap in the making. Last week’s bearish divergence indicated the price of BCH could drop below $1K, as signs of the dip started showing just three days ago.
BCH/USD Technical Indicators
BCH/USD charts show a similar correlation to BTC/USD patterns across the 4-hour template. There’s not much difference between the two, as both cryptocurrencies are down in value compared to a few days ago. The 100 SMA and 200 SMA are similarly gapped with the short term 100 well above the 200 trendline. This indicates resistance is fierce at the moment, and, if the price of BCH doesn’t get past the current vantage point, the coin’s value could go lower. RSI and Stoch levels are seeing a temporary bounce up, but both have been heading southbound. Order books show the value should hold pretty decent between $825 and $780 per BCH. On the flip side, if bulls manage to push past resistance during the eastern side of the world’s trading sessions there will be some pit stops around $910 and $1K.
The Verdict: Crypto-Traders Uncertainty and Doubt Remain
As mentioned in our last markets update, traders have been uncertain after the BTC/USD price dropped, trying to stay above $9K. Shorts (betting against the price) started stacking up on exchanges like Bitmex and other trading platforms, offering margin trading. Long (betting the value will be bullish) contracts have slimmed as well over the past weekend. Regulatory FUD has lessened a touch in the news but overall the past few months of doubt still plagues cryptocurrency markets today.
Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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