Early this morning (CEST), the bitcoin price fell by several hundred dollars. From around $8,500, the price of the world’s biggest cryptocurrency dropped to $7,732 in just one hour, according to numbers from Bitstamp.
That is a $768 decrease, which is over nine percent.
The price then bounced up a bit and bitcoin is currently trading at around $7,900.
Might be wise to wait
During Monday, Trijo News technical analyst Dennis Sahlström wrote that it might be wise to wait to take a position on the market until you see which direction a possible outbreak will come.
“Two well-known indicators show that a decline can come within a week. Relative Strenght Index (RSI) and MACD both show that a turnaround has begun. The volume also shows that buyers have lost momentum”, Dennis Sahlström wrote yesterday.
“Buyers have lost momentum”
Over the last 24 hours, bitcoin’s total market cap has fallen from $152 billion to $141 billion – an $11 billion decrease.
Bitcoin currently represents 55.9 percent of the total market cap of all cryptocurrencies, according to Coinmarketcap.
