The Bitcoin price has recently dropped to $7,710 on the Binance cryptocurrency exchange after failing to stand its ground above a critical support level. As expected, registering a weekly close below $8,000 played right into the hands of the bears who decided to take advantage of this shorting opportunity.
For a couple of days, Bitcoin had been above its 200-day moving average at $8,332, but its price action during the weekend turned out to be very underwhelming. Eventually, the bulls ran out of steam and stopped defending this level.
At the time of writing, Bitcoin remains the worst-performing coin inside the top 10, but all top altcoins (without a single exception) remain in the red.
The total market capitalization has dwindled to $208.7 bln, its lowest level since May.