The crypto market seems to be recovering as the price of Bitcoin recently rebounded to $6,500 and Bitcoin Cash hit $605.
Still, the decline in the crypto market is present mostly because of the low market volume. Since July 29th, the price of Bitcoin has been freefalling. It dropped from more than $8,300 to $6,300 within two weeks.
Several other cryptocurrencies have started falling as well. The drop in value is steeper for tokens which lost 30 to 40 percent of their price in about 12 days. Over the past eight months, the crypto market and the most dominant cryptocurrency Bitcoin have seen similar trends and price movements in identical ranges.
Price manipulation is a huge possibility right now, especially because of the suspicious movement of BTC in the over-the-counter (OTC) market – which is two to three times larger than the cryptocurrency exchange market.
However, what many analysts agree on is the fact that a Bitcoin price drop is always timed exactly after an important piece of event or news such as the disapproval of the Winklevoss Bitcoin ETF and the VanEck ETF which both happened over the past 30 days.
Right now, it seems like the downward trend of the crypto market is strong and therefore, it is difficult to see a corrective rally initiated in the short run.
Bitcoin Nears $3,800, What Can The Market Expect?
‘’BTC consolidation below resistance. If we lose strength I look at $3,400 for support. Below there I am concerned. A break out and I’m eyeing $3,800.’’The major cryptocurrency is now showing clear signs of breaking above $3,800 which wasn’t capable of testing since December started. BTC is likely experiencing the increase in price because of the severely oversold conditions on the market. From November, the value of BTC was continuously falling against the US dollar experiencing a high sell-off pressure. When the oversold conditions swamped the market, many crypto assets began their corrective rally pushing the market into a surge stage. The steep decline in the value of other cryptocurrencies such as Ethereum and Bitcoin Cash can be attributed due to lack of fundamentals. Ethereum could not show a higher level of user activity while BCH struggled to gain adoption.
The Biggest Barrier That Stops Investors From Buying Cryptocurrencies Is Education
Millennials significantly more in favor of using financial advisors compared to Gen X, Boomers: 19% of Millennials planned on using a financial advisor to buy or sell products such as stocks, ETFs, or crypto assets, while only 11% of Gen X and 12% of Boomers indicated the same.
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