Bitcoin (BTC) continued falling on Jan. 10 as gains from tardily last calendar week fizzled and markets attempted to detect support levels in the $seven,000-$8,000 range.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC futures gap punctuates losses

Data from Coin360 and Cointelegraph Markets showed BTC/USD shedding another ii% overnight on Thursday, having previously reached local highs above $8,400.

At press time, the pair circled merely under $7,750 in volatile atmospheric condition, having paused its losses later striking a "gap" in CME'south futures marketplace between $vii,676 and $seven,716. CME'southward cost index itself just avoided entering the gap zone.

Bitcoin 1-day price chart

Bitcoin 1-solar day toll nautical chart. Source: Coin360

As Cointelegraph reported quoting regular contributor, Michaël van de Poppe, Bitcoin was likely to drop down to the gap, which represents the "empty infinite" between where i futures trading session closes and the next opens.

Historically, the price has sought to "fill" previous CME gaps with consequent regularity. The latest scenario is nonetheless rare, coming after 12 consecutive red candles on the 4-60 minutes nautical chart.

Bitcoin futures 4-hour chart

Bitcoin futures 4-hour nautical chart. Source: CME/ TradingView

In a fresh update, Van de Poppe remained consistent nigh the short-term outlook, warning that downside action could have Bitcoin every bit low as the previous lesser at around $6,400. He summarized:

"Holding $7,500-vii,600 on $BTC and we could look at $nine,500. Losing $7,500-7,600 and I feel we're accelerating towards $5,800 or $six,400."

Others appeared taken aback by last week's sudden comeback. Among them was Peter Brandt, the veteran trader well known for previously calling some of Bitcoin'southward biggest moves.

Having warned BTC/USD could slip to $5,500 past July 2022, an apparent dash saw Brandt give credence to the thought a Bitcoin bull marketplace may have begun. In improver to technical signs, however, this depended on the absence of investors he called "cryptocultists."

Altcoins avoid major sell-off

Altcoins meanwhile broadly copied Bitcoin'due south slow descent, the majority of major tokens yet staving off heavier losses.

Ether (ETH), the largest altcoin by market cap, shed 1.six% to trade at $136. Van de Poppe had warned that a close below $133 would put ETH in danger of dropping all the manner to $100.

Ether 7-day price chart

Ether 7-mean solar day price chart. Source: Coin360

A noticeable exception to the downtrend was Cosmos (ATOM), which gained 5.1% on the news of its impending list on cryptocurrency exchange Coinbase Pro.

The overall cryptocurrency market cap was $205.five billion, with Bitcoin's share at 68.5%.

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