Tuesday Dec. 17 - Bitcoin (BTC) is retracing rapidly from around the $6,950 price mark to below $six,600 in the past few hours.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin price is taking a painful nosedive, dropping close to $350 in simply a few hours. BTC started the day at $6,915, at which point the earth'south largest crypto coin continued to trade sideways before crashing down to its current trading cost below the $6,600 price marking. BTC is showing a loss of nearly five% for the day.

Bitcoin daily price chart. Source: Coin360

BTC at $2,800 could be side by side

Cointelegraph correspondent Horus Hughes wrote that if BTC fails to concord the $6,600 cost level, "traders will wait for the price to follow the familiar pattern of dropping to the long-term descending channel trendline support at $six,400."

Even more pessimistic, Cointelegraph annotator Keith Wareing wrote that BTC continues to be resoundingly bearish and could even run into extreme lows of around the $2,800 toll levels. "Every bit things stand up, the downside could be every bit depression as $2,800 over the coming months," he said.

Both Bitcoin and Ether (ETH) are getting spanked today. The tiptop altcoin is creeping dangerously close to double-digit losses for the twenty-four hours, with losses of more than 8% on the day. The coin is currently trading but below the $122 price marking.

Ether 7-mean solar day price chart. Source: Coin360

Meanwhile, XRP, the third-largest coin by market place capitalization, is already showing double-digit pain, with losses of more than 12% on the day. XRP currently sits at $0.018 per coin, having dropped below the $0.20 mark for the first time since Oct 2022.

XRP 7-twenty-four hours cost chart. Source: Coin360

Top xx coins join the Christmas spirit with reddish candlesticks across the board

Altcoins are haemorrhage hard. Chainlink (LINK) is taking the burden of the pain with losses of more than xiii% on the twenty-four hours, while Cosmos (ATOM) and Bitcoin Greenbacks (BCH) are showing losses of 12% and 10% respectively.

The overall cryptocurrency market cap currently sits effectually $176.5 billion, with Bitcoin making upward 67.vi% of the total.

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