Bitcoin [BTC] sharp drop as seen over the past few days have finally triggered a common question to worry ‘What is the reason behind this crypto market downfall?’. The major crypto currency fell to just around $6,100 USD today when its was expected that the crypto market is finally making a stable recovery.
The price of Bitcoin [BTC] reached a hike of around more than $6,500 USD mark this month after continuously surging to todays price of around $6382.16 USD. With the gain, BTC for now has bounced off oversold levels with the relative strength index (RSI) returning with quite stability.
At the current time of reporting, the price of bitcoin is around $$6382.16 USD with a market capitalization of $110.58 Bln. The total share of Bitcoin [BTC] in the overall crypto market is expected to be more than 56%. This BTC dominance rate however reached its peak on 8th Sep. this year, as the other altcoin’s approached to this years lowest prices.
Bitcoin [BTC] sharp and unexpected reversal has not solely neutralised the long term bull market. Bitcoin’s USD price correction, that occurred over the span of 24 Hrs in last week, could be a sturdy signal that pessimistic forces still have control over the market. This however implies that we could be getting into a market by lower lows and lower highs, that makes day-trading extraordinarily tough for those not familiar to tight stops.
That said, mining prices have enabled Bitcoin [BTC] to keep up a firm price around $6,000 USD which is often the point at that some miners struggle to keep up with their mining operations still profitable.