Bitcoin Price Plunges $600 to its Lowest Level Since May 2019

Bitcoin just lost another chunk of its value in a crushing red candle. Plunging to as low as $7,450, the largest cryptocurrency shed around 8% in less than an hour. This is the lowest level at which Bitcoin has traded since May of this year. The entire market was dragged down, as all major altcoins are also trading in the red.

Bitcoin Plunges $600 in Minutes

As CryptoPotato reported earlier today, Bitcoin failed to gain momentum and struggled at key resistance levels above $8,000. As such, it remained stuck in a narrow range and traded around that mark.

The key support area that we were watching was $7,700 – $7,800, below which $7,500 was identified as support.

Despite plunging to $7,450, Bitcoin made a very slight recovery and is now trading around $7,560. We have yet to see whether the support at $7,500 will hold, but if it doesn’t, we can expect the next significant support level to be $7,200, the Golden Fibonacci level.

BTC/USD. Source: TradingView

The latest plunge reduced Bitcoin’s total market cap to $138 billion. Bitcoin’s dominance rate also decreased a bit, and it currently stands at 66.2%. This indicates that altcoins, at least so far, haven’t capitalized much on Bitcoin’s plunge and have lost value as well.

Altcoins Are Suffering Too

The situation with altcoins is no better. The market is covered in red:

Cryptocurrency Market Overview. Source: Coin360

Some of the day’s top losers include BSV, whose price dropped approximately 10.5%, Litecoin (9.7%), ETH (7.3%), and BNB (9%).

The move shows that the entire market is suffering and that investors have not, at least for now, found relief in altcoins.

We have yet to see how things will unfold, but it’s safe to say that the cryptocurrency community has seen a shift in sentiment as the latest developments have renewed worries that the uptrend of 2019 may be reversing.

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