The price of Bitcoin just dropped to $6,950 and again fell below the $7,000 mark for the first time since July 18th. Even though there was some optimistic news regarding the price of Bitcoin and a real upswing by the NYSE and Starbucks, the price is now stabilizing in the region below $7,000.
Over the past three weeks, Bitcoin’s performance in the $7,200 – $7,500 region has been relatively stable recording limited volatility in the range of $300. However, the price of Bitcoin managed to drop to $6,955 on August 4 and test the $7,000 level again.
The main reason for the drop was the major sell-off of Bitcoin on the major cryptocurrency exchanges. Even though the largest cryptocurrency by market cap had one of the best weeks in history in terms of institutionalization of digital assets, everything fell to water with the recent rebound.
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.
While some investors predict that Bitcoin could bottom out in the lower region of $6,000, most of the predictions go in line with another bullish run – that will shut down the current bias and downtrend of Bitcoin.
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]