Bitcoin in Turmoil, Declines Below Key Support, Expected to Trade Below $7,000

The original cryptocurrency, Bitcoin (BTC), has gone down below a key support and has managed to lose over $1,200 in just 7 days.

Coinidol.com has been forecasting in the past that there are hopes of BTC surging past $10K before this year closes, but so far, there is no longer much left to speculate about since there is a visible turmoil in the market.

Yesterday, November 21, the price of Bitcoin hit and surpassed the $8000 mark and later closed at around $7,600. But as we talk now, the world’s top cryptocurrency by market capitalization is trading at about $7,200 (-9.01%) and if nothing changes, it is expected to continue plummeting even further back to its all-time low in this year where it traded at about $3,400 on February 7. The BTC’s market cap is at $131 billion and $26 billion trading volume, according to coinmarketcap data.

Cryptocurrency Market seeing Losses

When the price broke below $7,800, it actually made over 38.2% fib extension point from the Dec bottom to the twelve-monthly high. When you analyze this clearly, it is actually a massive development not forgetting that it is also very bearish.

Currently,  BTC/USD has sealed a 4H candle under it and it looks like there is a likelihood of a high-pitched plunge of over 25% from present levels. If at all such a fall happens, the market participants will have to anticipate the price to decline down to almost $6,700 or slightly lower.

BTC is now standing at the most susceptible area and a high-pitched breakdown is highly anticipated. Furthermore, the Ethereum (ETH/USD) price chart also has a clear downward trend. Ether is currently trading at approx. $156 (-9.73) and could plummet more and more as compared to Bitcoin and Ripple. Before finding its short-term support, ETH is actually more likely to fall further and change hands at $144 or lower. 

However, Bitcoin dominance still has more room to soar higher from 66.3% to above whereas other Altcoin Dominance is set to fall after experiencing a robust rejection at the 200-day MA. These are all clear evidence that there is an inevitable All of these developments point to one downside in the Bitcoin and digital asset market soon.