Cryptocurrency market update: Bitcoin (BTC) bulls surrender $8,000, more pain ahead

Bearish sentiments push bitcoin (BTC) below $8,000.
Altcoins follow the suit nursing losses on a day-on-day basis.

Tanya Abrosimova Independent Analyst

The cryptocurrency market is in the tailspin. Bitcoin's collapse below critical $8,000 triggered a host os sell-orders and affected the momentum of all major altcoins as well. At the time of writing, BTC/USD is changing hands at $7,970, down over 2% since the beginning of the day.

Looking technically, a sustainable move below $8,000 bodes ill for the short-term bitcoin bulls and increases the chances for an extended sell0off with the initial target at $7,800. This barrier stopped the bears twice since the end of September, thus it may serve as a good starting point for an upside correction. Once it is out of the way, $7,450 ( the lower line of the Bollinger Band on a weekly chart) will come into focus.

ETH/USD is trading at $174.50, down over 3% since the beginning of Wednesday; XRP/USD has lost 1.6% to trade at $0.2830 by press time.