The weekend has been bearish for Bitcoin and its brethren with digital asset markets dumping over $12 billion [AU$18 billion]. Resistance again turned out to be too tough for BTC and a fallback is likely to happen.
Bitcoin failed to hold above $9,000 and has resulted in a market-wide downturn that has dragged the altcoins even further, as usual.
Since the weekend high of $258 billion, the total crypto-asset market capitalization has slid further back, dropping $12 billion by Monday morning.
Analysts have suggested that the recent Bitcoin halving event and resultant collapse in hash power have caused the price to slide.
Josh Rager has eyed a support level of $8,500 should things continue in the current direction.
Daily stuck under $9160s still after Thursday close
Keep it simple. if Bitcoin price can't push back and close above, I think it heads back towards mid $8ks – specifically $8500s
Will keep an eye on weekly chart closer to close this evening pic.twitter.com/mbgFViigEb
— Josh Rager ???? (@Josh_Rager) May 24, 2020
As of writing, Bitcoin has declined almost six percent since its Saturday peak of $9,300. Since this time last week, the asset is down 11% and the bear trend is strengthening.
The rest of the market is also in the red during this morning’s Asian trading session as altcoins hopelessly shadow their big brother.
Ethereum has fallen back to $200 and XRP has weakened even further, dumping back below $0.20 again.
Greater pain is being felt with BSV, Cardano, Stellar, Tron, and NEO which have all dropped over five percent on the day.
Featured image courtesy of Aleksi Räisä/Unsplash