Cryptocurrency in a Sea of Red

The cryptocurrency market shook profoundly and drowned in red during the European session on Thursday, and many cryptocurrencies broke through the support levels, while Bitcoin approached the psychological barrier of $ 9000. Bitcoin was at $ 9,080, down 1.3% on a daily basis since the beginning of the day.

The news about Twitter hacks sparked market turmoil, but there is no direct correlation between hacked accounts and intense sales of crypto. Experts confirm that the event is merely a catalyst in favour of the bears.

Despite intense sell-off in the cryptocurrency, BTC/USD remains capped in a narrow range. The currency remains above $ 9000, which is a good sign in the short term.

Any sustained move below this area would make the weekly SMA50 at $ 8,850 in focus. This MA has been limiting decline since the beginning of May.