Bitcoin Drops Below $10K as Crypto Markets Dip

Signs of bull market exhaustion in the bitcoin market may be having a knock-on effect across cryptocurrencies in general.

All of the top 100 cryptocurrencies by market capitalization – bar nano, dentacoin and tether – are in the red today, according to CoinMarketCap data.

Bitcoin (BTC) has dropped over 8 percent in the last 24 hours, as was indicated by the bearish reversal pattern on the daily charts and head-and-shoulders breakdown on the hourly chart.

As of writing, BTC had dropped to $9,958 – down 16.72 percent from the recent high of $11,958 hit on Feb. 20.

As seen above, the biggest loser among the top 10 cryptocurrencies is bitcoin cash (BCH), down 10.58 percent in the last 24 hours. It’s also down 24.11 percent from the recent high of $1,641.40. The cryptocurrency’s ascent was cut short by key resistance around $1,533, shows Bitfinex data.

Also, taking a beating today is Ripple’s XRP. As of writing, the token is changing hands at $0.975152 – down 8.89 percent in the last 24 hours.

CoinDesk reported yesterday that Ripple has added five new payments clients in four countries. Further, San Francisco-based startup has also released white papers hinting at an upgrade for the underlying technology of XRP. However, the today’s drop indicates the good news has been ignored by the markets or is being overshadowed by the broad-based losses in crypto space…

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