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, according to CoinDesk's Bitcoin Price Index (BPI), the price of the world's largest cryptocurrency by market capitalization had fallen more than $500 to 7,876.68 by 17:30 UTC.
As of press time, the cryptocurrency's price was hovering at $7,940.07, per BPI data.For 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.
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.
Other cryptocurrency markets are feeling the pressure during Monday's trading session as well. According to CoinMarketCap, the overall market capitalization is at $301 billion.
Additional information published by cryptocurrency information provider OnChainFX shows that all of the top-10 cryptocurrencies by market capitalization are down today.
Bitcoin image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
After opening at nearly $8,500, according to CoinDesk's Bitcoin Price Index (BPI), the price of the world's largest cryptocurrency by market capitalization had fallen more than $500 to 7,876.68 by 17:30 UTC.
As of press time, the cryptocurrency's price was hovering at $7,940.07, per BPI data.For 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.
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.
Other cryptocurrency markets are feeling the pressure during Monday's trading session as well. According to CoinMarketCap, the overall market capitalization is at $301 billion.
Additional information published by cryptocurrency information provider OnChainFX shows that all of the top-10 cryptocurrencies by market capitalization are down today.
Bitcoin image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
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Francisco Gimeno - BC Analyst February and March have been challenging for bitcoin when FUD headlines and weak prices have hit the market. As today any headline, or strange move will worsen this market. What is going to happen from now? Is it going to fall down to 3k as some say? It will stay as it is now? It will go up? Continue reading #CoinDesk and this website for more news.