The market of cryptocurrencies remains under pressure, bitcoin moves lower to $ 7,700 mark

The market capitalization of the Crypto-currency market has fallen by more than $ 30 billion over the past 24 hours, from $ 408 billion to $ 377 billion. The markets of major digital currencies continued to decline in yesterday's US and Asian trading sessions, but today bitcoin and the etherium are making attempts to win back yesterday's losses. It is interesting enough that in the current week bitcoin evenly declines, alternating downward impulses with attempts to locally win back losses. Today shortly before the start of US trading bitcoin is trading around $ 8,200 mark.

An interesting situation occurs in the market of one of the main cryptocurrencies Bitcoin Cash. As the cryptocurrency market began to decline, Bitcoin Cash began making losses at a much higher rate compared to Bitcoins and Ethereum. Today, on May 16, Bitcoin Cash fell more than 6 percent. Traders often describe the investment in Bitcoin Cash as a kind of speculative bitcoin trading, because both in terms of gains and decline, Bitcoin Cash moves at a faster pace.

An interesting statement came yesterday from the head of one of the largest cryptocurrency exchanges. Yesterday at CNBC, BitMEX CEO Artur Hayes said that he sees the price of bitcoins in the region of $ 50,000 by the end of 2018, despite the correction that is currently observed in the market.

From a technical point of view, after the bulls did not retain the $ 8,400 mark, we believe that the market is moving to $ 7,700, where the first strong support level is located.

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