Bitcoin’s price is back below $8,000, a move that comes amid a broader decline in the global cryptocurrency market.

After opening at nearly $8,500, according to CoinDesk’s Bitcoin Price Index (BPI), the price of the world’s largest cryptocurrency by market capitalization had fallen more than $500 to 7,876.68 by 17:30 UTC.

As of press time, the cryptocurrency’s price was hovering at $7,940.07, per BPI data.

For the month of March, that $8,000 level has proven to be a key battleground on the trading front, having fallen below it several times since February. Technical analysis suggested that a price drop was potentially in the cards, though a 4-hour 50-MA plotted this morning predicted that a decline would not slide below $8,200.

Other cryptocurrency markets are feeling the pressure during Monday’s trading session as well. According to CoinMarketCap, the overall market capitalization is at $301 billion.

Additional information published by cryptocurrency information provider OnChainFX shows that all of the top-10 cryptocurrencies by market capitalization are down today.

Bitcoin image via Shutterstock

Disclaimer Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.