Market Slide Continues as Bitcoin Eyes $7,000 Level
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The cryptocurrency market remains under pressure on Friday, with Bitcoin and the entire cryptocurrency market trading heavily in the red.
Bitcoin is moving closer to the $7,000 level, with the current weekly low extending down towards the $7,020 level.
A break below the $7,000 exposes a possible test of the important $6,650 support area.
Ethereum and EOS are among the worst performing cryptocurrencies in the top 10 by market capitalization, with both suffering intraday losses of over 10 percent.
The total cryptocurrency market capitalization is $195 billion, a loss of nearly 15 percent since the start of the week.
Ethereum has turned technically bearish across the short and medium-term horizon, with price briefly breaching the September 2019 low around the $152.00 level.
The recent decline under the $178.00 support level is extremely negative for the ETH/USD pair, and has prompted sellers to search for additional weakness under the $150.00 level.
Key support below the $152.00 level is found at the $138.00 and $125.00 level. Technical bounces from current levels can expect to find resistance from the $160.00 and $178.00 level.
EOS is under technical selling pressure after declining under the important $3.00 level support earlier this week.
Buyers must defend the $2.68 level to avoid a bearish breakout from a large wedge pattern on the four-hour time frame. Key support below the wedge is located at the $2.55 and $2.30 levels.
A recovery above the $3.26 level is currently needed for the EOS/USD pair to reclaim its short-term bullish status. Key support is located at the $2.55 level.
According to the latest data from The Tie, sentiment toward the cryptocurrency market remains neutral at 45 percent. Ethereum has the weakest sentiment among the top-10 cryptocurrencies at 29 percent. Meanwhile, Bitcoin SV has the strongest at 46 percent.