Bitcoin recovered after the continued drop in the past few days, although its performance isn’t really at its peak. The price of the most popular coin rose back slightly above the $6000 mark with an incredible double-digit jump.
As CCN reports, the entire cryptocurrency market lost almost $30 billion of its value in just 48 hours. Bitcoin went down by more than 14% while others such as Bitcoin Cash, Ripple, and even Ethereum suffered even larger price drops and losses. Usually, after a drop like this, major assets such as Bitcoin tend to improve their performance in order to cover up previous losses in the previous days. However, the last time bitcoin tried to do a corrective movement; it barely managed to improve 3 percent so it didn’t really manage to cover losses for the past few days.
On August 8th, CCN reported: ‘’The Bitcoin price is likely to drop to mid-$6,000 when the price of Bitcoin hovered at around $7,300, due to many factors including a lack of volume in the market, strong downtrend, and the unpredictability of the over-the-counter (OTC) market’’.
If BTC doesn’t manage to recover beyond the point of $7.000, it will likely strive for a below $6.000 level which is a place that Bitcoin hasn’t visited since February. Right now, the downtrend of Bitcoin is strong which is why it is very likely for the largest cryptocurrency to test a support level at $6,800 and possibly $6,500 if the volume of the market does not go in a corrective rally. In June, BTC tested the $5.500 mark but gained momentum and bounced back to $8.000.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]