Bitcoin Falls Further Below $4000; Crypto Continues Plunge

Bitcoin Falls Further Below $4000; Crypto Continues Plunge

BCH prices pumped over 20 percent in the days leading up to the fork, creating a mild resurgence in the broader crypto markets. The currency has descended further and further down to finally hit $3,500 earlier today. ABC won a race known as the Nakamoto Consensus, in which computers that support the Bitcoin Cash network voted to go with either ABC or SV, which offered different technical improvements to the network. This represents a 24-hour increase of about 17 percent and translates into a $3.5 billion market cap. The top exchanges swapping the most BCH this weekend include Lbank, Huobi, Bluebelt, Bithumb and Bittrex. The regulatory environment is suffocating the bulls and the bears are going wild.

The price traded above the $4,020 resistance (the previous support), but it is still well below the 100 simple moving average (2-hours). Accordingly, they have resigned themselves to the fact that, to survive, they must relinquish the BCH branding and carry on as a separate, minority blockchain - at least in the near-term.

Hourly MACD - The MACD for XRP/USD is slightly placed in the bullish zone. BCH/USD has been clinging to long-term support for over the last seven days and oscillators like the Relative Strength Index and Stochastic have seen extreme oversold conditions twice this past week. Further, at the time of publication, the MACd shows things might be heading northbound for a short period of time and there's plenty of room for improvement. "Looking for a HL on any retrace to confirm a daily bottom", Hsaka said, echoing the sentiment of many investors in the market who are cautious towards the short-term trend of the third most valuable cryptocurrency in the global market. It is entirely possible for institutional investors to lead the next rally in crypto but for investors that were affected by the recent crash to invest in crypto could take time.

BTC  USD Price Analysis

The current capitalization of all digital assets in circulation is about $129B, up from $115.5B registered on Sunday.

The Augur crypto has fallen to more than 10 percent and Maker had a decline of 7 percent, even tokens that have performed well with BTC and the U.S. dollar have lost a significant percentage of market capitalization. Usually, after the cryptocurrencies have dropped this significantly it tends to recovery in the midterms. Let us know in the comments section below.

Ethereum has gained about 5% to trade at $115 by press time. Always remember that only those in possession of the private keys are in control of the "money".

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