Bitcoin Sinks Below $8,800 And Drags XRP And ETH With It

Bitcoin sinks below the $8,800 level and brought the rest of the crypto market along. The leading cryptocurrency got down by more than 4 percent and we are reading further to see more of the price action in the Bitcoin price news today.

Ethereum got down by 1.69 percent at $183, XRP as well decreased by 4.75 percent to $0.2769, Bitcoin Cash dropped by 3.91 percent to the $279 level and Litecoin also got down by 1.60 percent at $60.30. The crypto analyst DonAlt told his followers on Twitter that he believes Bitcoin has to hold the support at $8,300 to avoid further movements to the downside:

 “Even though the narrative has changed, the chart has not. I still think the area around $8,400 is incredibly interesting. I’d be surprised by any major moves other than the above shakeout. I think we’ll range for quite a while longer.”

The on-chain analysis company Glassnode is further breaking down the BTC metrics. The data tracker says that the $7,900 level will now be the key number to watch:

 “Bitcoin just broke resistance. Strong on-chain support levels are between $7900-$8400.”

Galssnode warned that the low volumes across the board suggest that the bulls will have trouble starting a new rally in the short term. The bitcoin tracker pointed out:

 “This week’s on-chain market observations: Core Bitcoin on-chain metrics are at monthly lows (adjusted transaction volume, exchange inflows, active addresses). Healthier levels are required to set the stage for the next bull market.”

In the meantime, Bakkt’s daily trading volume is crushing its record high of 1,183 contracts set back on October 25 according to the independent data tracker Bakkt Volume Bot. On Tuesday, the monthly volume futures of Bakkt surged to $10 million with 1.061 contracts ranking as the platform’s second-largest day in the records. Today, this figure got up to 1,282 worth $11,200,705. Despite the well performance of bakkt, Bitcoin sinks below and took most of the market with it.

Since October 23, right when the Bakkt Bitcoin futures trading volume took a giant leap, it hasn’t really dipped below the $2.5 million levels which only signalizes a sustained rise in interest among the institutional investors. The crypto economist Alex Kruger suggested a prevalent use case:

 “Bakkt will likely be used much more for arbitrage and trading the futures curve than for taking ‘physical’ delivery of bitcoins. Which is fine.”