Crypto Markets Turn Red, While Bitcoin Price Takes a Hit Below $8,200
Cryptocurrency markets are turning red, while Bitcoin takes a sudden dip below $8,200 after trading sideways for the better part of the day.
Tuesday, Oct. 15 — Bitcoin (BTC) has continued to trade sideways for most of the day, taking a sudden dip in recent hours.
Market visualization. Source: Coin360
The world’s most popular cryptocurrency has traded flat for the better part of the last 24 hours, with an intraday high of around $8,400. In the last couple of hours, BTC took a sudden dip below the $8,200 price mark, showing a loss of more than 2% on the day.
Bitcoin’s average daily trading volume hovers about $15 million, while its market share has decreased to 66.3%, which is the lowest level since the beginning of August.
Cointelegraph contributor filbfilb expects Bitcoin to take a further dip and test the $8,000 price mark once again. He told subscribers of his Telegram channel:
“Moving averages are crossed bearish on every major timeframe up to but not including the weekly.”
On the positive side, BTC is still up 120% compared to the beginning of the year when it was trading in the range of low $3,000s.
Bitcoin seven-day price chart. Source: Coin360
Ether (ETH), meanwhile, isn’t doing much better and is back to trading around the $180 price mark. The No. 1 altcoin hit an intraday high of $187, but has since been declining to its current trading price, down 3.07% at publishing time.
Many were hoping to see Ethereum continue its upside momentum towards $190 to $200, but the approach to the next critical resistance area was seemingly too much to handle for the altcoin.
Ether seven-day price chart. Source: Coin360
XRP is reporting a minor loss of less than 1% over the past 24 hours and is trading at about $0.287 per coin.
XRP seven-day price chart. Source: Coin360
Altcoins are suffering once again
Altcoins are showing a price downturn that might be a sign of worse things to come.
The top 20 cryptocurrencies by market cap are mostly showing red candlesticks, with EOS being hit with a loss of more than 6%. Tron (TRX), Cardano (ADA) and Chainlink (LINK) are all showing losses of about 5% on the day.
The exception is Bitcoin SV (BSV), which is showing gains of almost 4% on the day. One BSV trades at nearly $90.
The overall cryptocurrency market cap sits at $222.5 billion, with Bitcoin making up 66.3% of the total.