Bitcoin fell below $8,000, heading toward its lowest close since June and dragging down most other digital coins in its wake.
The most-traded cryptocurrency slipped as much as 4.9% from its Friday close and looks set to test a fresh resistance level of $7,355. It has failed for days to regain the $8,595 mark that represents a 50% drop from its high of the year.
The biggest peer-to-peer currency has had short-lived rebounds in the past month as it successively fell through a support level in the $9,000s and then its 100-day moving average. Traders often look to technical analysis when there’s little news to explain price movements in a market characterized by anonymous ownership and poorly correlated with major asset classes.
Bitcoin was down 3.4% to $7,890 at 10:14 a.m. London time. Declines in rival digital coins ranged from as little as 2% for EOS to 4.4% for Monero. The best gainer among the most-traded cryptocurrencies was XRP, up 5.4%.