On May 4, the Bitcoin rate rapidly collapsed below $8,000 and continues to remain at the level of $7,900 at the time of this writing, which is almost 9% less than a day ago.
The rate of the main world cryptocurrency reached $7,717 - the lowest level since May 23 - however, it continues to move within the framework of a long-term uptrend. But the bearish correction may turn out to be deeper than originally expected.
To date, the dominance index has fallen below 56% from 60.54% (last month's high). Market capitalization over the past day has decreased by $20 billion and currently stands at $252 billion.
European traders can further expand the sale launched in the Asian market. Their reaction, in fact, will determine the further fate of cryptocurrency: if they decide that this is a good chance to increase positions, traders will see Bitcoin rebound to the mark of $8,800 - $8,900. In the worst situation, the correction may reach $7,300. This area is protected by the lower boundary of the aforementioned channel and the lower line of the one-day Bollinger band.
The remaining cryptocurrencies are also traded in the red. The price of Ethereum fell by 7.74% and is now at around $248. XRP lost 8.71% and is trading at $0.41. Bitcoin Cash in the red by 10.37%. The coin is at $396. Litecoin climbed to fifth place, it fell by 9.33% and now costs $104.