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The Bitcoin price (BTC) recently nose-dived below the $6,900 level. At the time of writing, it is changing hands at $6,927, CoinStats data shows.
Notably, Bitcoin longs went parabolic on the Bitfinex exchange right before this big drop happened. Historically, such a setup precedes big market downturns that occur as a result of long squeezes. At press time, the number of longs continued to surge, reaching an unprecedented amount of 43,300 BTC.
As more of these longs start getting wiped out, Bitcoin price could extend its drop below the $7,000. It remains to be seen whether the $6,600 level will act as titanium support this time around.
The RSI indicator is inching closer to 30, which means that BTC is currently in oversold territory.
$BTC #Bitcoin breaking down as RSI approaches 30, 7k violation pic.twitter.com/9J6Z4skco0
— Big Cheds (@BigCheds) December 16, 2019
Meanwhile, altcoins are doing much worse than the struggling crypto king. The price of Ethereum (ETH) is down by eight percent, shedding any gains that were made throughout 2019.
Ether weak -8%
— skew (@skewdotcom) December 16, 2019
Back to exactly unchanged on the year pic.twitter.com/yTyJO4km7h
Litecoin (LTC) and EOS (EOS) are down by nine percent and ten percent respectively. Not a single coin in the top twenty is flashing green at the time of writing.