The world’s largest cryptocurrency Bitcoin has again gone below the $7500 mark and is about to touch $7k point.
The price value of was trading at $7701.25 earlier today and has suddenly crashed down from this mark touching the mark of $7131.23. Bitcoin price has been constantly crashing today.
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Bitcoin is near to touch $7k
As the price of the coin continues to crash, it seems that it may soon touch the point of $7000 or may go below this mark. At the time of writing the price of the coin is standing at $7147.26 but there is a very low chance that it can soon recover from this point and may go down further.
During the last 24 hours, the price of the coin has dropped with the percentage of -11.97 and continues to flow in the downward behavior.
Crypto market cap continues its downward trend
The crypto market cap is not changing its direction from the bearish zone and continues its downward trend. The global crypto market cap has dropped $5.6 billion within the duration of just 24 hours.
All the top digital coins have recorded downfall. In the list of top 30 crypto assets, Tezos is the only coin that has shown upward movement and has gained 3.9%.
By the market cap, Ethereum, Bitcoin Cash, and EOS have recorded losses of 10% while Bitcoin SV (BSV) and Stellar (XLM) have dropped by 8.4% and 5.21% respectively.
$7500 was a key level for Bitcoin
The level of $7500 was very important for Bitcoin. A crypto commentator Alex Krüger says on Twitter that the world’s leading cryptocurrency has to rally in order to avoid a crash. He says that if Bitcoin does not rally then it will crash.
$BTC needs to rally or it will crash.
How brilliant, right? If it doesn’t go up, it will go down!
I’m aware non-technical traders are repelled by this way of thinking, so let me break it down.
Mind this is NOT financial advice, just sharing my thought process. I’m often wrong. pic.twitter.com/sQPflI5Wsi
— Alex Krüger (@krugermacro) November 21, 2019
In short, Bitcoin has faced a hard crash by going below $7500. And the coin is about to touch the $7K. If Bitcoin does not start a rally then there is a chance that it may go down below $7k mark.