Bitcoin’s price is back below $8,000, a move that comes amid a broader decline in the global cryptocurrency market.

After opening at nearly $8,500, according to CoinDesk’s Bitcoin Price Index (BPI), the price of the world’s largest cryptocurrency by market capitalization had fallen more than $500 to 7,876.68 by 17:30 UTC.

As of press time, the cryptocurrency’s price was hovering at $7,940.07, per BPI data.

For the month of March, that $8,000 level has proven to be a key battleground on the trading front, having fallen below it several times since February. Technical analysis suggested that a price drop was potentially in the cards, though a 4-hour 50-MA plotted this morning predicted that a decline would not slide below $8,200.

Other cryptocurrency markets are feeling the pressure during Monday’s trading session as well. According to CoinMarketCap, the overall market capitalization is at $301 billion.

Additional information published by cryptocurrency information provider OnChainFX shows that all of the top-10 cryptocurrencies by market capitalization are down today.

Bitcoin image via Shutterstock