Bitcoin Dips Below $8,000 as Altcoins See Mixed Movements

Bitcoin Lost 17% In Q3 Fighting to Keep Above the $8K Mark in Q4

Bitcoin Lost 17% In Q3 Fighting to Keep Above the $8K Mark in Q4

The double-digit rally is mirrored in XRP's price against the Bitcoin trading pair.

The top 20 cryptocurrencies are seeing mixed movements on the day while Bitcoin's (BTC) price dips below the $8,000 mark by press time.

Bitcoin's price is now down by 1.83% on the day, trading at around $7,959, according to Coin360.

Although Bitcoin is now forming a bullish reversal formation on its 12-hour candle chart, other analysts still believe that bears will continue to have an edge over bulls in the near-term, which could mean that the crypto is gearing up for a movement down towards the mid-$7,000 region. If the crypto's price fails to move up; we may see extend declines below the $7,750 and $7,650 support levels. "I'm now short and waiting for the price to hit $7600s", he noted. On the week, the coin is up about 7.2%.

Trader and analyst Luke Martin, aka Venture Coinist, updated his thread on the progress of XRP, and says that the coin is on its way to 4,000 sats (USD 0.32). At press time, the altcoin is trading at $0.28, seeing almost 16% growth over the past 7 days. On the week, the coin has also gained about 2.96%.

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The BTC price is now facing resistance at the $7,990 price level. Chainlink (LINK), the 15th coin by its market cap, is up by 8.32% over the past 24 hours and sees the biggest gains among the top cryptos at press time.

In contrast, Unus Sed Leo (LEO) is down, seeing 1.1% loss at press time.

While markets are reporting mixed signals, total market capitalization added nearly $2 billion over the past 24 hours.

Historically, bumps like this in XRP's price have traditionally come as the result of Ripple signing partnerships with large financial institutions.

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