Bitcoin and the crypto market are in the midst of a sharp move to the downside.
In less than an hour, the price of BTC fell from $10,269 to $9,770 according to CoinMarketCap. The plunge brought other altcoins along with it, with the market cap of all cryptocurrencies sinking from $265.7 billion to $253.1 billion at time of publishing.
With BTC coiling in recent days, crypto analysts are expecting a sharp move to one side. Analyst Josh Rager says Bitcoin’s biggest level of support is just under $8,000.
“The price compression is reducing gains from swing lows to swing highs: 86%, 36% & recently only 15%.
Wanting price to keep closing above $10,025. Large gap in VPVR (supply/demand areas by price) and if the price breaks down lots of interest right below $8k.”
Right now, the crypto price data aggregator COIN360 has Bitcoin down 4.98% at $9,658. Ethereum is down 8.44% at $171.41, XRP is down 5.37% at $0.2539 and Litecoin is down 8.38% at $66.51.