The Crypto Meltdown – Bitcoin Back at sub-$8,000

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin slumped by 7.33% on Monday. Reversing a 2.26% gain from Sunday, Bitcoin ended the day at $8,099.2.

Bearish through the day, Bitcoin fell from a start of a day intraday high $8,740.1 to an early afternoon low $8,300.

The morning sell-off saw Bitcoin fall through the first major support level at $8,578.4 and second major support level at $8,416.7.

Brief support led to recovery to $8,500 before a sell-off in the final hour of the day. Bitcoin tumbled from $8,459.8 to close out the day at $8,099.2.

The sell-off saw Bitcoin slide through the day’s major support levels and end the day below the third major support level at $8,131.7.

Following a particularly bullish month in May, Bitcoin’s failure to move on from last week’s 2019 high $9,109 contributed to the latest pullback.

Elsewhere,

Across the top 10 cryptos, it was a sea of red across the broader market, with Bitcoin Cash SV the only major to close out the day in the green.

Bitcoin Cash SV rallied by 18% on the day to outgun its bitter rival Bitcoin Cash ABC, which slid by 9.08%.

On the day, EOS was the worst performer, tumbling by 13.63%. Ethereum (-7.31%), Binance Coin (-7.42%), and Litecoin (-7.68%) also ended the day deep in the red.

Stellar’s Lumen and Ripple’s XRP saw more modest losses of 5.45% and 6.28% respectively.

24-hour trading volumes slid back from $100bn levels from last Friday to sub-$80bn levels in the early hours of this morning. The sell-off wiped $23bn off the total crypto market cap, which fell from $275bn levels to sub-$252bn levels this morning.

This Morning

At the time of writing, Bitcoin was down by 1.72% to $7,960.1. A bearish start to the day saw Bitcoin slide from a morning high $8,099.2 to a low $7,777.0.

The reversal saw Bitcoin fall through the first major support level at $7,840.77 to come within range of the 23.6% FIB of $7,718.

Elsewhere, it was red across the board as Monday’s late sell-off spilled into Tuesday morning.

Leading the way down was Stellar’s Lumen, which was down by 3.67% at the time of writing.

For the day ahead

Bitcoin would need to move back through this morning’s high $8,099.2 to shift sentiment across the broader market.

A move back through to $8,100 levels would support a run at $8,290 levels later in the day. Bitcoin would need support from the broader market, however, to recoup Monday’s losses.  Bitcoin would need to move through to $8,350 take a run at the first major resistance level at $8,548.87.

Barring a morning rebound, Bitcoin will likely struggle to move back through to $8,200 levels on the day.

Failure to move back through  $8,099.2 could see Bitcoin come under more selling pressure on the day.

Steering clear of the 23.6% FIB of $7,718 will be key on the day.

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