{"id":116033,"date":"2019-10-24T00:31:33","date_gmt":"2019-10-24T00:31:33","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=116033"},"modified":"2019-11-07T02:51:34","modified_gmt":"2019-11-07T02:51:34","slug":"bitcoin-breaks-8000-support-falls-7500","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-breaks-8000-support-falls-7500\/","title":{"rendered":"Bitcoin breaks $8,000 support and falls to $7,500"},"content":{"rendered":"

The Bitcoin price continues to deteriorate, dropping another $500 to $7,500 per BTC. It seems momentum from April\u2019s rally is wearing off.<\/p>\n

Recent Bitcoin price action<\/h2>\n

Beginning in April, the price of a single BTC went from $4,150 to $13,000 in less than four months. The price peaked in late June at $13,015 and again in early July at $12,840.<\/p>\n

\"Bitcoin
BTC\/USD<\/a> price chart by CoinMarketCap<\/figcaption><\/figure>\n

Since then, the Bitcoin price has continued to erode as the cryptocurrency traded sideways for three months before suddenly plummeting on Sept. 24. Overnight, Bitcoin dropped from $9,500 to $8,500.<\/p>\n

Since the drop, the coin has been consolidating in a band between $7,800 and $8,600. Today, BTC broke out of this range, dropping 8 percent from $8,000 to as low as $7,300 on some exchanges. The price seems to have stabilized around $7,500.<\/p>\n

\"Bitcoin
BTC\/USD<\/a> by TradingView<\/figcaption><\/figure>\n

24-hour trading volume is up from its 7-day average of $15.4 billion to $21.9 billion\u2014a 42 percent increase. The uptick in trading volume indicates the price swing is salient.<\/p>\n

Market sentiment<\/h2>\n

The Crypto Fear & Greed index<\/a> is up from last month, where the indicator hit an all-time low of 12 suggesting \u201cExtreme Fear.\u201d The index is down from last week, dropping from a score of 40 to 33 suggesting sentiment has deteriorated.<\/p>\n

Google Trends search volume is at a multi-month low, hitting values not seen since March 2019, where BTC was still trading at sub-$5,000 lows.<\/p>\n

\"Google
Google Trends formatted by Into the Block<\/figcaption><\/figure>\n

BTC average gain or loss<\/h2>\n

The majority of addresses are still \u201cin the money,\u201d meaning most addresses have unrealized gains from their Bitcoin purchases. Currently, 55.7 of addresses would record a gain with a large segment of coins purchased between $930 to $6,640.<\/p>\n

\"In\/Out
In\/Out of the Money<\/a> by Into the Block<\/figcaption><\/figure>\n

Meanwhile, the real price paid per Bitcoin\u2014an estimate of the average price paid per coin using realized market capitalization<\/a>\u2014decreased from a high of $5,730 to $5,670.<\/p>\n

\"Real
Real Price\/Market Price<\/a> by Coin Metrics<\/figcaption><\/figure>\n

That said, the difference between the average price paid and the market price per coin has decreased substantially, indicating the market is less overbought due to the recent consolidation.<\/p>\n

During the price peak in late June, the average gain would have amounted to $7,860 on a BTC purchase of $5,000\u2014a gain of 157 percent. Today, this unrealized gain decreased to $1,830 with the average Bitcoin costing $5,670\u2014an average gain of only 32 percent. These figures may indicate that it\u2019s a better time to buy now.<\/p>\n

That said, market conditions are still highly uncertain. Sentiment appears to be at a low while the charts show the Bitcoin price trending downward. Although current conditions may present a buying opportunity it\u2019s impossible to know when the markets will recover.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price continues to deteriorate, dropping another $500 to $7,500 per BTC. It seems momentum from April\u2019s rally is wearing off. Recent Bitcoin price action Beginning in April, the price of a single BTC went from $4,150 to $13,000 in less than four months. The price peaked in late June at $13,015 and again […]<\/p>\n","protected":false},"author":29,"featured_media":93860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323,6849],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin breaks $8,000 support and falls to $7,500<\/title>\n<meta name=\"description\" content=\"The Bitcoin price continues to deteriorate, dropping another $500 to $7,500 per BTC. 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