Bullish no more? Bitcoin (BTC) price massively dropped, other major crypto assets followed suit. BTC/USD, however, may make more losses in the next days.
Bitcoin (BTC) failed to maintain its bullish momentum on May 17, Friday, as its price against USD plummeted to $7,180.53. The BTC/USD pair is trading at $7,303.06 at the time of writing, slightly recovering from the plunge earlier.
Although the pair had made records by breaking past the $6,000, $7,000, then $8,000 levels, it has a bumpier ride ahead — one that may lead to the BTC price sliding once again.
According to the FXStreet chart and report:
Bitcoin is likely to continue making losses in the coming sessions. The Relative Strength Index (RSI) is trending lower towards the overbought while the Moving Average Divergence Convergence (MACD) is heading lower and could hit the negative region soon. As far support is concerned the 100 Simple Moving Average (SMA) will offer support slightly below $6,500 while the 200 Exponential Moving Average (EMA) will prevent declines just above $6,000 level.
Meanwhile, other major crypto assets suffered the same fate earlier. Litecoin (LTC) has a -10.06% change in the past 24 hours, while Cardano (ADA) and Stellar (XLM) dropped by 12.66% and 15.1%, respectively. Ethereum (ETH) also shifted down by 7.53%, but Tether (USDT) registered a 0.52% increase in the past 24 hours.