The entire cryptocurrency market is bleeding heavily, with Bitcoin fighting hard to hold above the $7,000 price mark.
Friday, Nov. 22 — Cryptocurrency prices are bleeding heavily, with some of the top-20 coins showing losses of close to 10% on the day.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin (BTC) started the day just above the $7,600 price mark, when it suddenly started on another sell-off towards the $7,000 price level. The coin bounced off a local low of $6,800 in recent hours, before moving up to its current trading price at $7,300, showing a loss of close to 4% on the day.
The world’s largest cryptocurrency is down around 15% from the weekly open of $8,500 and has dragged the entire crypto market into red territory.
Bitcoin daily price chart. Source: Coin360
BTC could be testing below the $7,000 price mark
Popular crypto analyst and regular Cointelegraph contributor Filb Filb recently said that after looking at the daily chart, “it is clear that Bitcoin has hit the bottom of the downward channel in which it has been trading since July.”
However, Filb Filb pointed out that the price point of $7,600 will be a key level for the bulls to reclaim, which might turn out to be a challenge, especially in the short term. He said:
“Probability would suggest BTC/USD will need to spend a little more time testing below $7,000 before there is a significant bullish reversal.”
Previously Cointelegraph reported that Bitcoin tanked due to the multiple rumors currently going around about a crackdown on legitimate Chinese outposts of cryptocurrency businesses. The news appeared to rattle the crypto markets, which slipped into a downwards spiral ever since.
Ether (ETH), meanwhile, saw a painful drop in sync with BTC earlier today. The number one altcoin bounced of its daily low at $141, showing double-digit losses of more than 10% on the day, before moving up to its current trading price of $154 per coin.
Ether 7-day price chart. Source: Coin360
XRP, the third-largest coin by market capitalization, has continued to lose ground and currently sits at $0.232 per coin, showing a loss of more than 3% at press time.
XRP 7-day price chart. Source: Coin360
Top 20 coins are bleeding hard
All of the top 20 coins are showing red candlesticks, with NEO taking the title of biggest loser, seeing a loss of nearly 10% on the day. Huobi Token (HT) follows closely with a loss of 9% at press time.
The overall cryptocurrency market cap dropped below the 200 billion mark. It currently sits around $198.7 billion, with Bitcoin making up 66.3% of the total.