The bitcoin rate has fallen to almost $7,000. The cryptocurrency has not been traded at this level since May 2019.

The weighted average exchange rate of bitcoin decreased by almost 10.5% within the last 24 houts and approached the $7,000 mark. The capitalization of bitcoin dropped to $128 billion.

Bitcoin is trading below $7,500 for the first time since October 25 and below $7,150 for the first time since mid-May 2019.

The cryptocurrency “fear index” reached extremely low values, about 20 points, although as early as last week the index was at the level of 41-50 points.

The fall of bitcoin had traditionally a negative impact on the entire cryptocurrency market. With the first cryptocurrency falling down, other cryptocurrencies also entered the red zone. Thus, Ethereum lost 13% in price, Ripple fell by 7%, and Binance Coin decreased by 12%.

The total capitalization of cryptocurrency market fell below $200 billion. The bitcoin dominance index still stands at 66%, slightly changing compared to other days.

According to crypto analyst and trader Alex Kruger, as bitcoin crossed the level of $7,500, it had only two ways to demonstrate, either growth or drop.

“$BTC needs to rally or it will crash. How brilliant, right? If it doesn't go up, it will go down!"

Some analysts predict bitcoin to fall further to $6,000 and even to $5,000 if it does not find sufficient support at $6,000.