Bitcoin breaks $8,000 support and falls to $7,500 🚨 This article is 5 years old...
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Bitcoin breaks $8,000 support and falls to $7,500
3 min read
Updated: Nov. 7, 2019 at 2:51 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Bitcoin price continues to deteriorate, dropping another $500 to $7,500 per BTC. It seems momentum from April’s 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 in early July at $12,840.
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.
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.
24-hour trading volume is up from its 7-day average of $15.4 billion to $21.9 billion—a 42 percent increase. The uptick in trading volume indicates the price swing is salient.
Market sentiment
The Crypto Fear & Greed index is up from last month, where the indicator hit an all-time low of 12 suggesting “Extreme Fear.” The index is down from last week, dropping from a score of 40 to 33 suggesting sentiment has deteriorated.
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.
BTC average gain or loss
The majority of addresses are still “in the money,” 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.
Meanwhile, the real price paid per Bitcoin—an estimate of the average price paid per coin using realized market capitalization—decreased from a high of $5,730 to $5,670.
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.
During the price peak in late June, the average gain would have amounted to $7,860 on a BTC purchase of $5,000—a gain of 157 percent. Today, this unrealized gain decreased to $1,830 with the average Bitcoin costing $5,670—an average gain of only 32 percent. These figures may indicate that it’s a better time to buy now.
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’s impossible to know when the markets will recover.
Bitcoin Market Data
At the time of press 2:51 am UTC on Nov. 7, 2019, Bitcoin is ranked #1 by market cap and the price is down 7.04% over the past 24 hours. Bitcoin has a market capitalization of $135.28 billion with a 24-hour trading volume of $21.97 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 2:51 am UTC on Nov. 7, 2019, the total crypto market is valued at at $205.08 billion with a 24-hour volume of $79.37 billion. Bitcoin dominance is currently at 65.98%. Learn more about the crypto market ›
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
