Cryptos Suddenly Collapse - Bitcoin Battered To 5-Month Lows

After failing to break through heavy resistance, Bitcoin has puked back below $8,000...

Source: Bloomberg

Plunging to $7450 - the lowest since May...

Source: Bloomberg

Touching its 200-day moving-average for the first time since April...

Source: Bloomberg

The entire crypto-space is a sea of red...

Source: Coin360

This is actually the second puke of the day with Litecoin leading the drop...

Source: Bloomberg

As Cointelegraph reported, analysts believe its range lies between $7,400 and $8,500. Heavy resistance has meant Bitcoin has so far failed to stay closer towards the top of that range, despite late optimism on Tuesday. 

For regular Cointelegraph contributor Michaël van der Poppe, the latest retreat simply signifies a continuation of the status quo. 

“Well, Bitcoin says; we'll continue the ranging and won't be breaking above $8,300 yet,” he summarized in an update on Twitter. 

While price action has underwhelmed since August, proponents have stopped short of calling current conditions a bear market. Retaining coins in the face of a slow grind downwards can test resolve, Van der Poppe added, but this should not be a cause for brash moves.

“Holding through a bear market is hard, however holding through a bull market can even be harder. The fear of missing more profits or the fear of losing it all again (in case of a retrace) are hard to deal with,” he wrote.

Ethereum is also down in sync with Bitcoin but the number one altcoin is holding above the critical $150 support level for now...

Source: Bloomberg

And all of this just minutes ahead of Zuckerberg's testimony on The Hill.