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July 16, 2019
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Markets News Price Analysis

Bitcoin below $6,000: Should We Expect Further Downside?

All the top cryptocurrencies have been tumbling lower over the last 24 hours. Bitcoin was down 3.2% over the past day and trading at $5,913 as of 7:30 AM EST.

Ethereum, XRP, Bitcoin Cash, and EOS also tumbled lower, by 4.2%, 4.7%, 5.4%, and 7%, respectively.

After breaking the key resistance level of $6,000, there could be more declines coming in for the crypto. This is the lowest level that bitcoin has seen so far in 2018. Despite such a massive drop in bitcoin prices, it’s still outperforming most other cryptocurrencies and is at number 11 on the list of 100 best-performing cryptocurrencies.

The Bitcoin Investment Trust (GBTC) was trading at $8.9 and up about 4.9% yesterday. The broader market, tracked by the SPDR S&P 500 ETF (SPY), was also marginally higher on Thursday at $270.9, up about 0.58%.

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