Investing.com – Bitcoin was roughly unchanged on Tuesday as traders appeared wary of initiating bullish bets on the popular digital currency amid ongoing bearish sentiment.
fell 0.62% at $7,882 on the Bitfinex exchange.
Bitcoin had rallied to a high of $8,277.8 but quickly gave up gains amid a lack of demand to support a sustained move higher as recent price rallies in the popular digital currency have been used as selling opportunities.
Data from coinmarketcap.com confirmed the bearish sentiment witnessed in the wider cryptomarket as the total cryptocurrency market cap hovered above $300 billion – at the time of writing – after dipping below that level intraday.
“The declining overall market cap is a reflection that people are withdrawing capital from the space,” said Craig Erlam, senior market analyst at Oanda.
Some have suggested that bitcoin is set to drop to price levels believed to offer technical support – price levels that trigger buying – close to $7,240 but warned if broken then the popular digital currency could test its Feb. 6 low of $6,000.
shrugged off the negative sentiment on cryptocurrencies to rise 0.24% to $0.57938 on the Poloniex exchange. , meanwhile, fell 3.84% $456.49.
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