RATE Group | Bitcoin may retest $7,000 sooner rather than later
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Bitcoin may retest $7,000 sooner rather than later

04 Dec Bitcoin may retest $7,000 sooner rather than later

Posted at 06:54h in Cryptocurrency News by

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  • Bitcoin (BTC) resumed the decline after a short period of consolidation.
  • Altcoins are in the red zone, moving in sync with BTC.

The cryptocurrency market has resumed the decline on Wednesday. Bitcoin and all major altcoins are moving outside the recent ranges amid growing bearish sentiments. The total cryptocurrency market capitalization dropped to $194 billion from $199 billion this time on Monday; an average daily trading volume stayed unchanged at $55 billion. Bitcoin’s market share edged higher to 66.7%.

Top-3 coins price overview 

BTC/USD has retreated from Tuesday’s high of $7,400 to trade at $7,135 by the time of writing. The coin has lost about 2% of its value both since the beginning of the day and on a day-to-day basis. The local support is located at the lower line of 1-hour Bollinger Band a5 $7,105. Once it is broken, the sell-off is likely to continue with the next focus on psychological $7,000.

BTC/USD, 1-hour chart


 
Ethereum broke free…

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