Cryptocurrencies continue to take a beating with all major coins being in the red on Tuesday. Bitcoin is especially struggling for gains above $8,500 after rumors of increased regulation based on an observation by Naeem Aslam, chief market analyst at Think Markets.
Apart from regulatory fears, increased publicity on a possible rally following Blockchain Week and the Consensus conference in New York proved to be a flop. Tom Lee, Fundstrat Global Advisors co-founder and head of research, admitted that his prediction of a bitcoin post-conference rally was incorrect.
Although gains above the $8,500 level can be quite difficult to maintain, an $8,000 level support still holds. Based on data from Market Watch, as the range tightens, the possibility of a breakout grows. For almost six weeks now, Bitcoin has traded somewhere between $7,800 and $10,000. As of this writing, bitcoin is trading at $7,541 and has decreased even more over a 24-hour period.
With bitcoin’s price down, other cryptocurrencies also followed suit. Ethereum (ETH) is also down, trading at $592.13. Similarly, altcoins are also trading in the red. Litecoin (LTC) is down at $122.94, while Bitcoin Cash (BCH) is trading at $1,039.17.