#Bitcoin (#BTC) Price Slips Below Crucial $6,800 Support Level

August 8, 2018

 

The worst does not appear to be over for the bitcoin price, as the flagship cryptocurrency on Tuesday slipped below $6,800, a mark that many analysts had pegged as a critical support level for BTC’s short-term prospects. Bitcoin had spent the majority of the day trading above the $7,000 mark. However, as CCN reported, the market has been plagued by low volume in recent days, which is often an indication of a short-term bearish trend. At 19:30 UTC, the bitcoin price took a major downward pivot, falling from $7,100 to $6,900 in less than 45 minutes. At that point, BTC/USD began to test the $6,800 level, which professional traders such as Bart Smith of Susquehanna International Group had identified as a critical level that bitcoin must hold if it hopes to reenter a bullish uptrend. Bitcoin (BTC) is down 3.13% over the past 24 hours and is currently trading at $6,741.01 on Coinbase. BTC dominance is at 48.2% and the total cryptocurrency market cap is down 6.25% and is currently at $240 Billion.

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