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Tuesday, 27 March 2018

Market Price Update: Bitcoin is falling like a fallen Hero? Price drops drastically

The struggle of keeping up with the $8k mark is gradually becoming an issue. Bitcoin's price is back below $8,000, a move that comes amid a broader decline in the global cryptocurrency market.

After opening at nearly $8,500, the price of the world's largest cryptocurrency by market capitalization had fallen more than $500 to 7,876.68. As of press time, the cryptocurrency's price was hovering at $7,940.07, per BPI data.

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Since the beginning of the month of March, that $8,000 level has proven to be a key battleground on the trading front, having fallen below it several times since February. Although, technical analysis suggested that a price drop was potentially in the cards, though a 4-hour 50-MA plotted this morning predicted that a decline would not slide below $8,200.

And since Bitcoin is the heartbeat of all the other cryptos, they too have suffered. Other cryptocurrency markets are feeling the pressure during Monday's trading session as well. 

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