Thus, the crypto market lost a total of $50 billion in total market value in the past week, but further positive news have served to bolster the markets. Major Altcoins like Ethereum, ripple, EOS and litecoin also followed BTC/USD's decline and tumbled.
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Bitcoin price fell sharply and it is now trading above the key support at $6,000.
Bitcoin price trimmed most of its last week gains and broke the $7,200 support against the US Dollar.
Fundstrat's Tom Lee is convinced Bitcoin (BTC) has better days ahead - the long-time Bitcoin bull pointed toward a variety of factors, including Bitcoin's gradually growing market dominance, which suggest the cryptocurrency is on an upward track. The price per one MIOTA stood at United States dollars 0.70. More importantly, there is a new contracting triangle forming with resistance near $608 on the hourly chart of the BCH/USD pair.
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Looking at the chart, BCH price is slowly recovering, but it won't be easy for buyers to push the price above $610 in the near term. In fact, in the last couple of weeks, it has soared to the highest level all year and it has hit about 48%. The price fell from $7,142.03 to the low of $6,456.10. Despite the drop in value, trade volumes for all 1600+ coins has increased to $15B over the last day. The bearish pressure is likely to continue to the support level. Ether sellers took control and pushed the price below the $370 and $360 levels. However, RSI levels (24.5) show extremely oversold conditions and there could be a small uptick if prices sink lower.
DECENT (DCT) traded 0.6% lower against the dollar and now trades at $0.25 or 0.00003558 BTC.
XRP (XRP) traded 8.9% lower against the dollar and now trades at $0.38 or 0.00005661 BTC. However, after the quick dip, BTC/USD prices moved back up to the $7,140 region for a short period of time.
An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $712 high to $565 low. On the downside, a break below $0.3198 may well clear the path for more losses towards the $0.3000 and $0.2800 support levels.