At the time of reporting, the value of Bitcoin fell from around $7,050 USD to $6,895 today, even falling below the $6,900 mark. As seen, Bitcoin seemed to be stabilizing at $7,000 USD, several traders believe that this downfall is expected to continue even lower at $6,500 USD.
According to a crypto expert and technical expert ‘Lil Uzi vertcoin’:
“Bitcoin topped the bollinger bands and rejected the ichimoku cloud resistance here, $7,100 USD was the resistance that was expected to break however currently it seem now even difficult to even break the $6,700 USD mark. The next downfall is expected to be around $6,500 USD.”
Following this month Bitcoin has remained within the mid-$6,000 region, faced troubles to overcome the $7,000 USD resistance level and demonstrate a sturdy volume to signal correct mid-term recovery.
Throughout in the week, the weak volumes of Bitcoin and alternative major cryptocurrencies like Ethereum, Bitcoin Cash, Ripple etc might have a negative impact on the short trend of the crypto market.
The daily volumes of Bitcoin and Ethereum, the two major digital currencies, has fallen sharply to $4 Bln and $1.5 Bln today. In previous rallies where the Bitcoin tested a serious resistance level around $10,000 USD, the volume of the currency simply surpassed $5 Bln, moving nearer to $6 Bln.
Many investors have already traded off altcoin’s with little market cap because of the uncertainty within the price of Bitcoin as if further the price falls back to the $6,000 USD mark, the prices of related altcoin’s are expected to fall very drastically.
In this periods of instability and uncertainty, particularly with Bitcoin, it’s always an extraordinarily risk to speculate the prices of tokens as cryptocurrencies with low market capitalisation tend to fall by more than 20 to 30 percent even on a little fall of the major cryptocurrency ‘Bitcoin’.