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Bitcoin Price Continues Descent, Briefly Slips to $8,000

November 19, 2019 at 22:46 by Matt Jackson

Bitcoin has continued its decline, today, briefly trading as low as $8,000 on major exchange Binance. Having bounced off support at this level, prices have increased to $8,200. Bitcoin’s woes, or lack of any positive news, are having an effect on trading and BTC is dragging the rest of the cryptocurrency market down with it. Bitcoin SV has seen the biggest USD losses from the list of the biggest coins. NEO is the largest altcoin to have seen gains for the day.

At the beginning of this month, Bitcoin traders were enjoying $9,000 prices and hoping for further improvements. However, the digital currency fell to $8,400 yesterday, with warnings of further slides. $8,000 was highlighted as offering support if the digital gold fell through the $8,300 level. Earlier today, BTC prices did indeed fall through the $8,300 mark and continued falling to $8,003, on the Binance exchange at least. Prices have recovered slightly to $8,200.

Analysts have warned that further reduction is likely, as a bear crossover of the 100-day and 200-day averages has been confirmed. Support is offered just above the $7,500 mark.

Bitcoin’s latest slide has dragged virtually the whole of the cryptocurrency market down with it. Ethereum has fallen back down to the $176 level, last seen at the end of October. Earlier this month it had reached a high of $193 and some followers were calling for it to break and hold the $200 mark.

Ripple is another major coin that has seen its gains halted. On November 7th, Ripple prices had surpassed the $0.31 mark. $0.30 has proven to offer considerable resistance, despite Ripple making several attempts to breakthrough. Since November 7th, Ripple has lost nearly 20% in prices and is now trading at $0.256.

Bitcoin (BTC) has seen its prices fall 1.07% to trade at $8,217.38 at 22:30 GMT. Ethereum (ETH) and Ripple (XRP) have fallen 1.76% and 0.64% to trade at $177 and $0.255 respectively. Bitcoin Cash (BCH) has shed 2.76% off its price and can now be bought for $244.34, while Litecoin (LTC) has performed similarly, losing 2.36% to trade at $55.52.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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