Within the past 30 minutes, the Bitcoin price has dropped by more than 2 percent from $7,400 to $6,950, pushing tokens and other major cryptocurrencies to record large losses.
Ethereum, Ripple, Bitcoin Cash, and EOS recorded 6 to 7 percent losses as Bitcoin failed to maintain momentum in the $7,400 range.
If Bitcoin manages to immediately rebound to the $7,200 to $7,300 range in the next 12 to 24 hours and finds some stability in the low $7,000 region, then it is possible for the dominant cryptocurrency to avoid a downtrend to mid-$6,000.
However, if BTC falls below the $7,000 support level, as seen in May and July, a drop to the low $6,000 is expected.