Bitcoin price unexpectedly lost $ 200 in a few minutes, the cryptocurrency market under $ 200 billion

The cryptocurrency market is bleak, Bitcoin price is holding at $ 8,000

The price of Bitcoin (BTC) has lost nearly $ 200 in minutes on April 10, thereby first sliding below $ 7,000 in the past four days.

Data from Coin360 and Cointelegraph Market show that the BTC / USD pair has now dropped below the tight $ 400 corridor between $ 7,100 and $ 7,410 - where the coin traded for most of the week.

The abrupt decline from $ 7,150 to $ 6,915 has also formed the strongest volatility seen in recent days, and at the time of writing, Bitcoin is being traded around $ 6,960.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

BTC price will fall over the weekend - next is $ 6,300?

As previously predicted by some traders, the small upward move did not occur from $ 7,200 on Friday. However, $ 6,900 has proven to be the first strong support for the bulls. If BTC fails to hold this level, then trader Michaël van de Poppe expects the next price to drop to the middle of the $ 6,000 zone.

"Maybe we will get a liquidity touch towards the $ 7,500- $ 7,700 area, then I expect a sharp decline," Van de Poppe write on Twitter on Thursday.

"If I lose the $ 6,900 area, I think it will move straight towards $ 6,300."

Bitcoin 1 day price chart. Source: Coin360
Bitcoin 1 day price chart. Source: Coin360

All markets are still scared

Meanwhile, the Fear & Greed index is displaying the value of 15 - which means that the cryptocurrency market is still in "extreme fear".

Similarly, the traditional stock market is experiencing "fear" with a value of 43, according to CNN Money, as the market prepares for a turbulent week - witnessing trillions of new dollars of stimulus announced by the US Fed.

Fear & Greed Index. Source:
Fear & Greed Index. Source:

The total market capitalization of cryptocurrencies has dropped below $ 200 billion. Also, despite this halving event this week, Bitcoin Cash (BCH) and Bitcoin SV (BSV) have dropped by nearly 10% while Ether (ETH) has dropped by about 5.3%. Bitcoin's market dominance index is 64.1%.

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According to CoinTelegraph
Translated by ToiYeuBitcoin