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Bitcoin Price Update: BTC Erases Recent Gains, Drops Three Percent in Minutes as Cryptocurrency Market Suffers Fresh Plunge

Bitcoin is currently on a downward trajectory and could easily fall below $7,000 for the first time since the start of September. The price decline comes as other cryptocurrencies are also currently experiencing significant price reductions.

Bitcoin in Danger of Falling Below $7,000

As at press time, Bitcoin was valued a little above $7,000 on Coinmarketcap and has already slipped below the price mark on Bitfinex. The top-ranked cryptocurrency slipped by more than three minutes in ten minutes, erasing the steady gains of the past few days. This reduction takes BTC’s 24-hour price decline to above four percent.

A look at the BTC RSI shows that is currently at 20. The rule of thumb for RSI is that a value below 30 means the asset is oversold. As at press time, the exact for the increased BTC selloff is unknown.

Cryptocurrency Market Shrinks

The current decline isn’t restricted to BTC alone. Ethereum and all other top ten altcoins have also suffered significant declines. Only a handful of the top 100 cryptos have been able to post positive price growths for the last 24 hours.

As at press time, Ethereum, Bitcoin Cash, EOS, Cardano, Monero, and Dash have all plunged by more than 10 percent in the past few minutes. This nosedive has negatively impacted their 24-hour and seven-day trading performances.

Litecoin and XRP aren’t left out from the price reduction group. LTC has shrunk more than eight percent while XRP is down by almost ten percent.

What do you think is the reason for the latest BTC price plunge? What is your forecasted BTC price bottom for this decline? Let us know your thoughts in the comment section below.

Image courtesy of Bitfinex and Coinmarketcap.

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