Published: Mar 27, 2018 9:44 a.m. ET The total value of digital currencies fell below $300 billion overnight as more broad-based selling pushed some major digital currencies to multimonth lows. The No.

1 digital currency, bitcoin

BTCUSD, +2.37%

 remains under $8,000, nearing long-term support, which will have the eye of many traders. Bitcoin was last traded at $7,913.85, down 2.7% on the day.

“The declining overall market cap is a reflection that people are withdrawing capital from the space,” said Craig Erlam, senior market analyst at Oanda. “After steadying we are not seeing the same optimism as before and the path of least resistance is lower not higher.” The fall in bitcoin has wiped out many short and long-term support levels.

In addition, each relief rally has met resistance at key moving averages. The current selloff has bitcoin is nearing a further long-term trend line that, if broken, could leave it vulnerable for to retest the Feb.

6 lower under $6,000. Moreover, since testing the 200-day moving average on March 21, bitcoin has fallen nearly 15% and is on track for its fourth consecutive losing day. Read more from marketwatch.com…

thumbnail courtesy of marketwatch.com