Home Cryptocurrency News Bitcoin Bitcoin under pressure, nears crucial $8000 support level

Bitcoin under pressure, nears crucial $8000 support level

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Digital currencies extended losses Monday, with all major coins under pressure to begin the week.

After peaking on May 5, all digital currencies turned south, and the total value of all cryptocurrencies has shed more than $75 billion in ten days, sending bitcoin back to some key support levels.

“We shouldn’t break $7,800,” said Naeem Aslam, chief market analyst with ThinkMarkets. “I think as long as that [$7,800-$8,000] is intact then the recent decline is just a period of consolidation, which is great for the price of bitcoin.”

“Below that could spell trouble though,” Aslam added.


The No. 1 digital currency bitcoin

BTCUSD, -3.79%

 is the best of a bad bunch Monday, trading at $8,413.79, down 3.4% since Sunday’s levels at 5 p.m. Eastern time on the Kraken exchange.

As blockchain and cryptocurrency enthusiasts head to New York for the annual Consensus conference, digital currency owners will be hoping another Consensus rally is in the works. The hype around the 2017 even pushed the price of bitcoin up 69%, according to Fundstrat Global Advisors.

Read: Why bitcoin could rally more than 70% in the coming week, Fundstrat’s Lee says

Altcoin and futures begin the week in the red

Altcoins are underperforming bitcoin early Monday. Ether

ETHUSD, -5.62%

 is down 3.9% at $707.67, Bitcoin Cash

BCHUSD, -8.77%

is off 6.9% at $1,382.40, Litecoin

LTCUSD, -6.39%

 is off 5.8% at $137.27 and Ripple’s XRP

XRPUSD, -4.41%

last traded at 71 cents, down 3.9%.

Futures were also under pressure. The Cboe May contract

XBTK8, -2.26%

was down 2.3% at $8,420, while the CME May contract

BTCK8, -2.26%

 declined 2.1% to $8,440.

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