Bitcoin Falls to $6,300 Region as Altcoins Continue to Decline

Neutral Bitcoin Falls to $6,300 Region as Altcoins Continue to Decline

After failing to stabilize above $6,500, Bitcoin has now fallen into the $6,300 region, and it is becoming increasingly likely that it will test its long-established support level that exists at $6,200.

Altcoins also took a hit on Friday after yesterday's weak day of trading.

Bitcoin Drifts Lower, $6,200 Likely to be Defended by Bulls

At the time of writing, Bitcoin ( BTC) is trading at $6,395, trading down 1.3% over the past 24-hours.

BTC has been gradually declining since November 6th, when it rose to weekly highs of nearly $6,600 before beginning its slow decent back to its current levels.

Historically, it is important that bulls defend the $6,200 region, as that is the bottom of BTC's persisting trading range between $6,200 and $6,700. If the bottom of this range is broken, it will open the doors for BTC to retest its year-to-date lows in the $5,800 region.

Although this is a possibility, it is fairly unlikely considering that bulls have defended $6,200 on approximately four occasion over the past three months, meaning that bulls will likely step up to defend this level in the future, unless there is a news-based drop.

Altcoins Continue to Decline

Bitcoin's decline to the $6,300 levels has perpetuated the relatively small decline in altcoin prices, with many major alts trading down 3%+, with the worst performing major alt down nearly 20%.

At the time of writing, today's market drop has been led by Bitcoin Cash (BCH), Cardano (ADA), and Basic Attention Token (BAT), which are trading down 3.8%, 3.7%, and 18.2% respectively.

Despite having a bad past couple of days, Bitcoin Cash is still one of the best performers of the week, currently trading at $570, up 26% from its weekly lows of approximately $450.

BCH's bullish week is the result of its imminent hard fork event, which is scheduled to occur on November 15th. This event will reward holders of BCH with units of the forked cryptocurrency, which could ultimately prove to be highly profitable for investors.

Over the next week, investors could begin to increase their BCH positions in anticipation of the hard fork, then offloading their positions as soon as they receive the forked units.

Basic Attention Token's poor daily performance is the direct result of the cryptocurrency's ties to the cryptocurrency exchange EtherDelta, which is now facing legal troubles from the U.S. SEC, which has charged the platform's founder with operating an unlicensed national securities exchange.

The charges, which were first announced in a SEC press release, detail how many of the ERC20 tokens offered on EtherDelta (like BAT) are considered to be securities, which puts their operation under the jurisdiction of the SEC.

Stephanie Avakian, the co-director of the SEC's Enforcement Division, spoke about the charges against EtherDelta's founder, Zachary Coburn, saying that:

"EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption."

In the coming weeks, it is likely that Bitcoin will lead the markets as usual, and its performance within its long-established trading range will likely impact which direction the entire market heads.

Related Reading: In EtherDelta Case, SEC Hints Most Ethereum Based Tokens are Securities
Featured image from Shutterstock.

11/09/2018 / 18:30:42 Source: newsbtc

Bitcoin | ADA | BAT | BCH | bitcoin | btc | cryptocurrency | | BTC|Altcoin|ADA|Trading
BTC
1 BTC=$5,555.04
XRP
1 XRP=$0.4802
ETH
1 ETH=$173.67
XUC
1 XUC=$3.49
BCH
1 BCH=$330.64
EOS
1 EOS=$4.56

News Feed 50

Themerkle Neutral - Today’s Bitcoin Cash Stress Test Should put ABC and SV Through its Paces read more.
11/17/2018 / 13:30:52
Bitcoin.Com Neutral - The Daily: New Woe for ICOs, Bitcoin Cash Trading Resumes read more.
11/17/2018 / 13:30:48
Cryptoglobe Neutral - As Bitcoin’s Price Tumbles, So Do Cryptocurrency-Related Corporations read more.
11/17/2018 / 13:30:33
Newsbtc Neutral - Crimea to Set Up Blockchain University to Help Countries Evade U.S. Sanctions read more.
11/17/2018 / 13:30:05
Newsbtc Negative - Are You Bothered by Shallow Project Reviews? read more.
11/17/2018 / 13:00:44
Bitcoinist Neutral - Nvidia Enters a Nosedive After an Underwhelming Third Quarter read more.
11/17/2018 / 13:00:15
Blokt Neutral - KOIN, an ETF That Tracks Blockchain Innovation, Now Holds Over $10 Million in Assets Under Management read more.
11/17/2018 / 12:59:34
Cryptoglobe Neutral - Ron Paul Twitter Poll Suggests Long-Term Bitcoin Investment Interest read more.
11/17/2018 / 12:45:58
Themerkle Neutral - BCHABC Price Loses Ground as Client Update Triggers Backlash read more.
11/17/2018 / 12:44:05
Blokt Neutral - Stellar [XLM]: Possible Ascending Triangle? read more.
11/17/2018 / 12:29:59
Ccn Neutral - Industrial-Scale Adoption of Blockchain Likely in 1-2 Years, Says CEO of Russia’s Largest Bank read more.
11/17/2018 / 12:15:52
Cryptoglobe Neutral - #EOS Long-term Price Analysis read more.
11/17/2018 / 12:15:34
Newsbtc Neutral - Crypto Experts Slash Bitcoin Price Predictions: Fact is, No One Knows read more.
11/17/2018 / 12:00:04
Blokt Neutral - IOTA’s Serguei Popov Introduces the IOTA Research Council read more.
11/17/2018 / 11:59:52
Ccn Neutral - Australia: Bitcoin Trumps iTunes Vouchers as Preferred Payments for Tax Scammers read more.
11/17/2018 / 11:50:52
Cryptoglobe Neutral - Bitcoin’s Lightning Network Surpasses $1 Million Capacity, 14,000 Payment Channels read more.
11/17/2018 / 11:30:53
Livebitcoinnews Neutral - Home Crypto Miner Launched by Coinbase-Backed Start-Up at $799 read more.
11/17/2018 / 11:00:53
Coindesk Neutral - Stablecoin Purchases Surged Amid Wednesday’s Crypto Market Drop read more.
11/17/2018 / 11:00:19
Coinnounce Neutral - Cryptocurrency Mining getting too expensive read more.
11/17/2018 / 10:56:57
Cryptoglobe Neutral - #Ethereum (ETH) Long-term Price Analysis read more.
11/17/2018 / 10:45:06
Newsbtc Neutral - Tom Lee’s Big Bitcoin Price Prediction Dropped to $15,000 read more.
11/17/2018 / 10:30:40
Coindesk Neutral - Tutorial: How to Use CoinDesk’s Crypto-Economics Explorer read more.
11/17/2018 / 10:30:33
Ccn Neutral - Oxfam Formally Launches Blockchain Platform for Rice Farmers in Cambodia read more.
11/17/2018 / 10:27:59
Themerkle Negative - Ethereum Price Watch: Ongoing Market Slump Sees Currency Slide Down to the $175 Mark read more.
11/17/2018 / 10:10:03
Bitcoinist Neutral - Off-The-Grid Bitcoin Transactions Now a Reality read more.
11/17/2018 / 10:00:23
Cryptoglobe Neutral - Both Bitcoin Cash Sides In Heavy Losses, As Mining Costs Rise, Asset Values Fall read more.
11/17/2018 / 10:00:04
Themerkle Negative - Bitcoin Cash Price Gets Skewed due to Exchange Trickery read more.
11/17/2018 / 09:55:37
Bitcoin.Com Neutral - Estonia Issues Over 900 Licenses to Cryptocurrency Businesses read more.
11/17/2018 / 09:15:28
Coinnounce Neutral - Spanked by the SEC: Paragon and Airfox ICO read more.
11/17/2018 / 09:06:16
Newsbtc Negative - Crypto Markets Slide Further With Over $30 Billion Dumped Since Last Weekend read more.
11/17/2018 / 09:00:46
Themerkle Neutral - Electroneum Price Rise can Push Altcoin Into Market Cap top 50 read more.
11/17/2018 / 08:48:53
Cryptoglobe Neutral - Pantera Capital CEO on Outlook for Crypto: ‘Bitcoin Is a Serial Killer’ read more.
11/17/2018 / 08:30:45
Coinnounce Neutral - #Bitcoin Price Analysis: Will BTC Rise Again? read more.
11/17/2018 / 08:12:13
Ccn Neutral - Another $4 Billion Drop: Crypto Market Downtrend Continues as Bitcoin Cash Falls read more.
11/17/2018 / 08:08:09
Livebitcoinnews Negative - REcoin ICO Scammer Pleads Guilty in Court read more.
11/17/2018 / 08:00:56
Cryptonewsreview Negative - The first case of ICO fraud in the US has pleaded guilty read more.
11/17/2018 / 06:45:30
Cryptonewsreview Neutral - Airfox joins Paragon in SEC ICO lawsuit read more.
11/17/2018 / 06:15:05
Cryptoglobe Neutral - Coingeek Claims Crippling Bitmain Debt From Anonymous Sources, Despite Having an Agenda read more.
11/17/2018 / 06:00:14
Cryptonewsreview Neutral - Binance warns its Iranian users to withdraw assets immediately following US sanctions read more.
11/17/2018 / 05:35:13
Livebitcoinnews Neutral - Cryptocurrency Miners in this U.S. County Could Soon be Facing Higher Electricity Bills read more.
11/17/2018 / 05:00:43
Cryptonewsreview Neutral - Modifi is a new digital trading platform for small-medium businesses read more.
11/17/2018 / 05:00:23
Cryptoglobe Neutral - Crypto-Related Inquiries Declined in Japan, Financial Regulator Reveals read more.
11/17/2018 / 05:00:09
Bitcoin.Com Neutral - A Brief Introduction to Voluntaryism for Crypto Neophytes read more.
11/17/2018 / 04:30:19
Cryptoglobe Neutral - DASH Sent Three Million Transactions in a One-Day Stress Test read more.
11/17/2018 / 04:03:39
Bitcoinist Neutral - #Bitcoin Price Analysis: Will Bitcoin Bite Back? read more.
11/17/2018 / 04:00:24
Livebitcoinnews Neutral - UK Needs to Take Lead on Crypto to Stay Ahead of Curve, Says eToro’s Iqbal Gandham read more.
11/17/2018 / 03:00:55
Cryptoglobe Neutral - Premium Airline Surfair Is Now Accepting Bitcoin & Litecoin for Their Fundraising Campaign read more.
11/17/2018 / 03:00:00
Ccn Neutral - Bear Effect: SEC Crypto Crackdown Precedes 48% Drop in ICO Funding read more.
11/17/2018 / 02:40:26
Bitcoin.Com Neutral - Free Keene Activists Launch Bitcoin Embassy New Hampshire read more.
11/17/2018 / 02:30:20
Cointelegraph Neutral - West Virginia Secretary of State Reports Successful Blockchain Voting in 2018 Midterm Elections read more.
11/17/2018 / 02:25:00
Negative
3.6%
Neutral
94.9%
Positive
1.3%
Mixed
0.1%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.