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The support seems to be in place to keep prices above $ 7500 barrier, although commentators point to a near-$ 7,000 decline before a reversal occurs.
Bittcoin's losses have also triggered secondary implications for alternative currencies across the top 100 as followed by "https://coinmarketcap.com", where the vast majority has lost at least 50 percent in the past 24 hours more than bitcoin itself.
Overall, digital currency markets have retreated more than $ 100 billion from their combined market value since yesterday, February 1.
While markets appeared not to be interested in South Korea's "know-your-customer" legislation, which will enter into force this week, comments on Indian Finance Minister's legislation in a budget speech on February 1 were causing the losses to accelerate.
Although local stock exchanges reported that the words of Finance Minister Aaron Gaitley did not include any new information on how legislators would deal with this area, both journalists and mainstream media announced a "ban" on bitcoin in India after the speech.
This has had a significant impact on circulation, although there has been repeated assertion that there is no explicit prohibition planning in the area.