Bitcoin Price Falls Under $8K With ‘Ugly’ Scenarios on All Timeframes
William Suberg's original article for cointelegraph.com reduced by 51%
Bitcoin price fell below $8,000 in fresh choppy trading action on Oct. 16, after several days of slow grind ended in a bearish turn. Markets at first rejected a more precipitous fall, with some exchanges showing Bitcoin reversing at exactly $8,000.
For filbfilb and Michaël van der Poppe, the more significant lower boundary for Bitcoin lies closer to $7,400. Filbfilb added to Cointelegraph that all timeframes for Bitcoin trading now look negative. Bitcoin's volatility meanwhile took its toll on altcoin markets.
In the 24 hours to press time, many cryptocurrencies in the top twenty by market cap fell around 5%. Leading the losses were Tron, EOS and Binance Coin, all of which shed between 6% and 7%. Conversely, Bitcoin SV delivered 1% gains.
Ether, the largest altcoin by market cap, traded 4.2% down at $176.Ether seven-day price chart.
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Summarised crypto news.