Bitcoin Price Dives Below $6,7000 And Major Altcoins Follow

Bitcoin price dives below $6,700 after the sideways trading during the weekend. Now, the most popular cryptocurrency got another hit in the early Monday hours, dropping again and having the rest of the market follow. In bitcoin latest news, we take a closer look at the price analysis.

Bitcoin got down by 7 percent in the past 24 hours and by 22 percent in the past week thus increasing the monthly losses to about 0 percent and cutting off the annual gains to 80 percent. however, the bitcoin dominance or the percentage of the total market capitalization, increased over the past day to 65.5% as major altcoins got down up to 8 percent. Bitcoin cash dropped less than Bitcoin to about 6 percent while ethereum crashed by 10 percent. The total market capitalization is also down by 7 percent to $184 billion.

On Friday, Bitcoin dropped below the $7,000 for the second time in the past 30 days as China’s central bank launched a fresh crackdown on crypto trading in Shanghai. The senior market analyst for the Asia Pacific at Oanda Asia Pacific explained:

 “Investors can find more joy in traditional markets without the aggressive volatility and opaque markets. A sustained rally in Bitcoin would require a complete breakdown in the trade negotiations to happen as financial authorities across the world continue to circle the wagons against digital currencies.”

In the meantime, the Managing Director and Co-founder of the publicly listed cryptocurrency and blockchain investment firm KR1 George McDonough, said that the market is testing the new lows and not because of China ‘’but because we tested the highs’’:

“It’s as simple as that. We essentially went from USD 5,000 dollars to USD 13,500 in 3 months and now, like the swing of a pendulum, the market wants to know where the bottom is again. You’ll see that the bottom this time around is much higher than USD 5,000. We will find higher lows all the way back to all-time highs. Buy when the market is testing a low, sell when the market is testing a high and hodl in between.”

The bitcoin price dives further but the digital advisory firm BitOoda said that the data from the US Commodity Futures Trading Commission and CME and Bakkt show that the ‘’latest sell-off will be mostly weak longs getting out of the market pushing the price lower not new shorts coming in.’’