Bitcoin market capitalization has just been blitzed by $12 billion as it failed to hold support and fell back below $8,000. This has led to a market wide rout of $25 billion as altcoins start to bleed again.
For the past day or so Bitcoin has remained around $8,500. A couple of hours ago that support zone failed and BTC plunged to $7,980 in an 8 percent slide. The candle stack up has started to look ominous and the close below $8,200 yesterday could lead to a wider scale market rout. The recent lower high and today’s lower low could be the beginnings of the big correction everyone has been expecting.