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 fellto justaround $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 andunexpectedreversal has notsolelyneutralisedthe long term bullmarket. Bitcoin’s USD price correction,thatoccurred over the span of24 Hrs in lastweek,could be asturdysignal thatpessimisticforces still have control over the market.This however implies thatwecould begetting intoa market by lower lows and lower highs,thatmakes day-tradingextraordinarilytoughfor those notfamiliar totight stops.
That said, miningpriceshave enabled Bitcoin [BTC]to keep upa firmprice around $6,000 USD which is oftenthe pointatthatsome miners struggleto keep up withtheir mining operations still profitable.