Bitcoin drops to “decisive” 8,400 US dollar mark

Bitcoin drops to just under 8,400 US dollars

As the data from Coin360 show, Bitcoin had climbed over 8,500 US dollars in the course of the day, but then slipped below this mark again. A similar game took place yesterday, Sunday, when the Bitcoin rate dropped from 8,600 US dollars to a comparable level.

At the time of going to press, the current rate is 8,450 US dollars, which experts regard as important, as it will probably be decided whether the trend will go back into positive or negative territory.

Cointelegraph expert Michaël van de Poppe, for example, says that for the Bitcoin bulls it means “now or never” when it comes to defending the latest price level.

 

On Twitter, van de Poppe puts his assessment into perspective to such an extent that it still doesn’t look “bad” for Bitcoin, but a fall below the 8,400 US dollar mark could lead to a slide to 7,400 US dollars. This would mean that Bitcoin would fall back to its level of the previous month. However, a subsequent upswing at that time had ensured that the market-leading crypto currency was able to climb above 10,500 US dollars. The corresponding gains would have been erased after a possible relapse.

Other experts are again slightly optimistic, says Scott Melker, that the RSI of Bitcoin is again on the ascending branch, which should also pull the price in the near future again.  

 

“The RSI has broken through its two important resistances. The price usually follows such a development,” Melker said on Twitter on Sunday.

As Cointelegraph had reported, the current development of the RSI (Relative Strength Index) suggests that Bitcoin may be on a new uptrend.

 

Altcoins also drop off

The Altcoins couldn’t save their buoyancy from the weekend into the new week and instead fall down again.

Among the top 20 crypto currencies, most coins lose about 1.5% today. Altcoin market leader Ether (ETH), the second largest of all crypto currencies, is one of the exceptions, as it does not have to accept any losses, which means that its price can remain at 183 US dollars.

Tezors (XTZ) can meanwhile achieve a plus of 3% and thus climb to 1.19 US dollars, while VeChain (VET) can perform similarly well with a gain of 2.8%. Cardano (ADA) is the daily winner with an upswing of 4.3%.

The total market capitalization of all crypto currencies currently amounts to USD 234.3 billion, with Bitcoin accounting for a market share of 65.9%.