Bitcoin prices are heading towards $7,000 as support around $7,500 fails to materialize.
Bitcoin (BTC) dropped around 2 percent Friday, August 3, failing to find support to stay above the $7,500 barrier for the first time this week.
Market visualization from Coin360
Data from Cointelegraph’s price tracker and Coin360 show a sudden dip downwards from $7,550 Friday, with BTC/USD trading around $7,363 at press time.
That figure marks Bitcoin’s lowest since the end of July, just after prices shot up from $6,100 in a matter of hours.
Bitcoin weekly price chart. Source: Cointelegraph Bitcoin Price Index
Since that time, markets have rallied and fallen, with commentators keen to see if support around $7,000 can hold to sustain July’s gains.
Today’s move downwards accompanies temporary volatility at cryptocurrency exchange OKEx, which confirmed it had injected 2500 BTC in order to stabilize impending futures settlements. The crypto exchange added that it will add a new “anti-manipulation policy” on August 4 to avoid such incidents reoccurring at an even larger scale.
Bitcoin has traditionally seen downward pressure in the immediate run-up to futures contract liquidation from various operators.
In altcoin markets, Ethereum (ETH) managed to curb losses compared to Bitcoin, dropping around 1.1 percent in the 24 hours to press time and currently trading around $409.
Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index
Bitcoin Cash (BCH) fared worse, losing around 5 percent over a 24 hour period and trading around about $713 to press time.
Altcoins Stellar (XLM) and Cardano (ADA) are also seeing lows among the top ten coins listed on CoinMarketCap, down around 7 and 3 percent respectively on the day and trading for $0.25 and $0.13 by press time.
Total market cap is below $262 billion by press time, a value last seen on July 16.
Total market capitalization weekly chart. Source: Coinmarketcap