The market pullback finally halted the roaring prices of Bitcoin and other altcoins which resulted in the cryptocurrency market dumping around $12 billion this morning. The pullback is being speculated to start from Asian markets which occurred due to massive trading.
The market lost almost 5% of its total capitalization due to the price correction, bringing its overall capitalization from $250 billion to $238 billion in a matter of 12 hours. Most of the top performing altcoins are bleeding shredding the weeks of gains in the current market pullback.
Bitcoin Facing Tough Resistance at $8,000
Bitcoin, the pioneers which have seen its prices soar ever since the April 2nd upward movement and got past the key resistance smoothly ever since has finally seen a halt at $8,000. Bitcoin dropped 4% today morning and is currently trading at around $7,600.
Now, the lower key resistance for Bitcoin stands at $7,400, a fall through that might push the prices towards %6,800. However, the market pullback has not riled up the hopes of crypto traders like Josh Rager who believes the current move is neither bearish nor bullish. He explains,
“$BTC still in this condensing formation and held by horizontal supports. Not a lot has changed which shows that you don’t have to stare at charts all day – waiting for that next massive candle. The Formation is neither bullish nor bearish. It’s there to show price is condensing & a volatile move will likely follow …”
Altcoins Slide Further Down
While Bitcoin has lost 4 percent of its overall market cap in the current pullback, altcoins have been bleeding much worse. Ethereum, the second largest crypto by market cap which has been quite bullish in recent times has lost over 5 percent in the current scenario, taking its prices below $240 mark.
Ripple which has already been struggling and could not even ride on the recent market surge lost 6.7 percent taking its prices to $0.375. Bitcoin cash has also dumped 6 percent plunging its prices below $400. EOS fell back below $6 as well.
The current market rebound was being speculated for long, and it should not really worry many if they have been following crypto trends for long. Things will start getting out of hand if the current situation extends and surpasses the lower key resistance of most of the cryptocurrencies.