BIG News – Bitcoin Bouncing Back Above $8,000

Earlier today, Bitcoin‘s price headed to the downside and broke the $8,000 key level. Most of the leading cryptocurrencies follow a downside path as well. On the heat map below, covering the weekend, we can see that almost all the crypto sector is down from Friday’s closing price. Binance, Monero, and DASH at the moment of this report are down over 5%, and BTC, BCH, and BSV depreciated more than 4%. Tipple is just slightly negative while ALGO is the exception with over 8% rise.

The market cap above shows it has descended to $209.8 billion. We see also that descents are accompanied by an increase in the traded volume.

The dominance of the main coins are:

BTC: 64.45%
ETH: 8.41%
XRP:4-76%
BCH:1.81%
LTC:1.57%
EOS:1.19%
Others: 18.81%

Bitcoin Analysis

Bitcoin ended the timid retracement with a high at about 8,400 and resumed the descending path. Early this morning the price went below $8,000 and made a low at $7,700 to, then, make a bounce to the %7,800-7,900 area. This confirms the breakout below the 200-day MA. The MA still has a positive slope. Short-term, the price seems to seek liquidity in the $7,000-7,500 area. So, if really this is a movement by the market makers to wipe coins from the weak hands, a visit to this area might trigger a sharp upward reaction and push the price above the 200MA again.

At the moment of this writing, BTC is experiencing a comeback to the $8,000, which, if completed, would be very favorable to the Bitcoin, since it would be making a double bottom at $7,700 and recovering a critical level.

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