Bitcoin (BTC) now makes up 50 percent of the entire cryptocurrency market capitalization.
The bitcoin market has turned indecisive in the last 24 hours and today's UTC close is expected to set the tone for the next move in prices.
Wednesday was a tough day for the cryptocurrency market at large, as several data points collected by CoinDesk illustrate.
Cryptocurrency investors continue to turn risk averse as the total cryptocurrency market capitalization sinks to a new annual low.
Bitcoin's price has surrendered more than 70 percent of the rally seen in July, putting the bears in a more commanding position.
The U.S. SEC has delayed a decision on a proposed bitcoin ETF, pushing its final determination ahead by more than a month.
Bitcoin solid defense of the key 50-day moving average support may have opened the doors for a minor corrective rally.
Bitcoin's price dropped to 19-day lows below $7,000 and created a doji candle on Sunday, signaling indecision in the marketplace.
While bullish on bitcoin's long-term prospects, an economist and investor heeds caution for more short-term price optimism.
Bitcoin has retraced 40 percent of the rally from the June low of $5,755, signaling a short-term bullish-to-bearish trend change.