At the time of reporting, the valueof Bitcoin fell from around $7,050 USD to $6,895 today, even falling below the $6,900 mark.As seen,Bitcoin seemed to be stabilizingat $7,000 USD,severaltraders 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’:
“Bitcointoppedthe bollinger bands and rejected the ichimoku cloud resistance here, $7,100 USD was theresistancethat 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 remainedwithin themid-$6,000 region,faced troubles toovercome the $7,000 USD resistance level and demonstrate asturdyvolume to signalcorrectmid-term recovery.
Throughoutin the week, the weak volumes of Bitcoin andalternativemajor cryptocurrencies like Ethereum, Bitcoin Cash, Ripple etcmighthave a negative impact on theshorttrend 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 Blntoday. In previous rallieswhere theBitcoin testeda seriousresistance level around $10,000 USD,the volumeof the currencysimplysurpassed $5 Bln, movingnearerto $6 Bln.
Many investors have already traded off altcoin’s with littlemarket capbecause ofthe uncertaintywithin thepriceof 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,particularlywith Bitcoin,it’s always anextraordinarilyriskto speculatethe prices of tokens as cryptocurrencies with low market capitalisation tendto fall by more than 20 to 30 percent even on a little fall of the major cryptocurrency ‘Bitcoin’.