- Bear pressure still looms; Bitcoin price is seeking support at $6,480.
- Cryptocurrencies witness another huge selloff as $23 billion lost on the total market capitalization.
The cryptocurrency market is gloomy on Wednesday morning (GMT). Bitcoin price has taken a huge plunge pulling most of the digital assets with it. The fall comes as a reaction to the U.S Security Exchange Commission (SEC) decision to postpone the verdict on the Cboe VanEck/SolidX exchange-traded fund application for Bitcoin ETF. The ruling will be made on September 30.
Bitcoin price analysis
Bitcoin price recovered from the previous dip slightly below $6,880 and reclaimed $7,000. Moreover, according to the analysis at the end of yesterday, Bitcoin traded above $7,100 and formed a double-top pattern around $7,150 as covered in the same analysis. Consequently, reaction to the pattern coupled with the above news from the SEC, Bitcoin came tumbling down breaking several support levels at $7,000, $6,900, $6,600 and $6,500.
The slide continued below $6,500, but the major support at $6,400 held ground. At the moment, the buyers are trying to find a balance above $6,500. However, the bear pressure in the market is still present the time of writing, besides BTC/USD has dropped further and is trading at $6,486. The gap between the 50 SMA and the 100 SMA is increasing to show that the sellers still have the upper hand. However, the stochastic seems to change direction upwards at 54% which means that the buyers are seeking entry at this level.
The market has lost at least $23 billion since yesterday in terms of total market capitalization. The total market cap was at $255 on Tuesday 7. Bitcoin market cap has dropped from $119 billion recorded yesterday to $112 billion in the last 24 hours, at the time of writing.
BTC/USD 15′ chart
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