{"id":41039,"date":"2020-07-01T21:47:51","date_gmt":"2020-07-02T01:47:51","guid":{"rendered":"https:\/\/www.opensource.im\/uncategorized\/cryptocurrency-market-update-why-bitcoin-is-at-the-beginning-of-a-massive-downfall-fxstreet.php"},"modified":"2020-07-01T21:47:51","modified_gmt":"2020-07-02T01:47:51","slug":"cryptocurrency-market-update-why-bitcoin-is-at-the-beginning-of-a-massive-downfall-fxstreet","status":"publish","type":"post","link":"https:\/\/euvolution.com\/open-source-convergence\/cryptocurrency\/cryptocurrency-market-update-why-bitcoin-is-at-the-beginning-of-a-massive-downfall-fxstreet.php","title":{"rendered":"Cryptocurrency Market Update: Why Bitcoin is at the beginning of a massive downfall? – FXStreet"},"content":{"rendered":"

Bitcoin price is literally playing with fire. The widely traded digital asset failed to sustain gains above $9,300 last week following a bounce from levels marginally under $9,000. This put the sellers at the helm of the price actions over the weekend.<\/p>\n

BTC\/USD continued with the downtrend under $9,200 to the extent that $9,100 gave in. At the time of writing, BTC\/USD is trading at $9,075 while the trend is facing a strong bearish bias. The only thing currently saving the bulls is the shrinking volatility which is ensuring that there are no rapid price actions.<\/p>\n

As mentioned, Bitcoin slipped under $9,000 for the second time in June last week. The first time, BTC\/USD embraced the support at $8,900. The second was a shallow dip under $9,000 last week. However, another drop into the $9,000 range could be explosive towards $8,600. Note that, in May Bitcoin retested the support at $8,600 and based on the prevailing bearish picture $8,000 downward target looks quite conservative.<\/p>\n

Related content:Cryptocurrency Market News: Bitcoin at the edge of a cliff, Ethereum and Ripple in the red<\/p>\n

The losses in the market are not unique to Bitcoin but the entire market is in the red too. For example, Ethereum is currently seeking support at $220 after suffering rejection at $228. Ether had recovered from the weekend low at $215. However, the drab technical picture in the market suggests that losses could reach $200 in the near term.<\/p>\n

Ripple price has not been left out and is affected by the selling pressure. XRP\/USD is trading 0.5% lower and dealing with increased volatility and a bearish trend. The fourth-largest crypto has a market value of $0.1760 after correcting lower from $0.1769. Gains above $0.18 are needed to keep the price in an upward trajectory towards $0.19 and $0.20 respectively.<\/p>\n

<\/p>\n

Read more:
\nCryptocurrency Market Update: Why Bitcoin is at the beginning of a massive downfall? - FXStreet<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin price is literally playing with fire. The widely traded digital asset failed to sustain gains above $9,300 last week following a bounce from levels marginally under $9,000. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[869],"tags":[],"class_list":["post-41039","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/posts\/41039"}],"collection":[{"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/comments?post=41039"}],"version-history":[{"count":0,"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/posts\/41039\/revisions"}],"wp:attachment":[{"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/media?parent=41039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/categories?post=41039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/euvolution.com\/open-source-convergence\/wp-json\/wp\/v2\/tags?post=41039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}