Bitcoin Dips Below $6,800 Leaving Bears And Critics Excited

This Wednesday, we can see that Bitcoin dips below $6,800 in a move that pushed the total market capitalization to a new $180 billion mark. The fact that the market is unstable now has been discussed many times in our Bitcoin news and analysis section.

The price of the most dominant coin is now taking a painful nosedive as we can see from the latest updates. It managed to drop by around $350 in the past day and even reached a low of $6,600 yesterday. Luckily, BTC has retracted but we can still see that Bitcoin dips below $6,800 and is in a negative momentum.

In that manner, BTC is showing a loss of nearly 5% on the day. As one analyst named Horus Hughes wrote online, if Bitcoin fails to hold the $6,600 price level, “traders will look for the price to follow the familiar pattern of dropping to the long-term descending channel trend line support at $6,400.”

Even more pessimistic are other analyst. As Bitcoin dips below $6,800, the analyst Keith Wareing writes that the cryptocurrency continues to be resoundingly bearish and could even see extreme lows of around $2,800 price levels. “As things stand, the downside could be as low as ,800 over the coming months,” he said.
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Both Bitcoin (BTC) and Ether (ETH) are getting spanked today. The Ethereum latest news show that the top altcoin is creeping dangerously close to its double-digit losses for the day and has losses of more than 8% on the day. It is currently trading below the $122 price mark.

Meanwhile, XRP is the third-largest coin by market capitalization and is already showing double-digit pain. There are losses of more than 12% on the day and XRP currently sits at $0.018 per coin, having dropped below the $0.20 mark for the first time since October 2017.

Altcoins are bleeding hard as well. We can see that the top 20 coins all join the bearish Christmas spirit with red candlesticks all around the board. Chainlink (LINK) is taking the brunt of the pain with losses of more than 13% on the day. Cosmos (ATOM) and Bitcoin Cash (BCH) are showing losses of 12% and 10% respectively.

The overall cryptocurrency market cap is again bleeding as Bitcoin dips below the $7,000 mark. Even in this scenario, the dominant cryptocurrency still makes up 67.6% of the total.