Since the last market update, the Cryptocurrency price dropped sharply in the past 48 hours. Currently, the entire ecosystem of digital assets has been lost more than $ 32 billion since then and the value of BTC / USD fell to the level below 8 KD again.
BTC sees another drop below $ 8,000.
Traders are pretty watching the bearish feelings, because in the encryption market, over 60% of the top digital assets are seeing losses. The BTC / USD market has just exceeded the region of $ 7,800 after losing momentum slightly above the $ 8K zone during today's early morning trading session. The world trade volume of BTC is only about several million less than past analysis, as it has traded about 520 million dollars in the past 24 hours. There are Bitfinex, Okex, Binance, Bitflyer, Huobi etc in the top 5 exchanges that trades the most BTCs today. Because yen accounts for more than 54% of world trade volume, the Japanese yen regains the flat pack traded with BTC again. The remaining currencies are traded on a weaker yen such as US dollar (22%), tether (13.9%), euro (3.5%), Korean won (2.9%). Of the more than 1,500 encryption currencies in the trading session in the last 24 hours, the amount of world trade has been about 14.4 billion dollars.
Looking at the BTC / USD chart, it is shown that the bull is showing signs of exhaustion after the price rose to around $ 8,500 just a few hours ago. A 4 hour chart shows that Macd is heading south around -207.29. RSI and Stochastic follow the same downward pattern, but the oscillator began kicking a little upward in the past 4 hours. This indicates that the BTC price is struggling at the moment of failure to maintain price exceeding 8 KD.
Since the last market update, the simple mean moving average (SMA) in the short term was cutting hair and splitting up and showing signs of bearish feeling. The gap between 100 SMA and 200 SMA is more extensive and shows that the path to resistance looks like a drawback. The purchase order shows a pretty good temporary foundation up to the territory of $ 7,600. After that, there are many buyers in the $ 6,900 zone. Conversely, the bulls who break the $ 8K area again and keep track of the past $ 9,000 may show some bullish momentum.