Bitcoin price breaks down below $7,000: Will it fall more?

The price of bitcoin has fallen below $7,000 on multiple exchanges, according to data provider Messari, which pegs the current price of bitcoin at $6,914 at time of writing. Trading on Binance appears to be leading the way with the price falling as low as $6,850 at time of writing. The rest of the exchanges seem to be following suit, with prices breaking down through the $7,000 mark.

Bitcoin's price is now down by more than $1,500 for the month, falling from around $8,500. Towards the end of November, traders witnessed an inverted head and shoulders pattern, which is typically seen as a bullish sign. And though the price did rise briefly in the days following the pattern, it is now heading back down south.

As a result, the rest of the crypto market is starting to go downhill. The price of Ethereum is down nine percent to $130 today and XRP is getting dangerously close to the $0.20 mark. Litecoin and EOS are the worst hit with both seeing losses of 10%.