The Bitcoin price recently fell below $7,700 after struggling to secure the momentum and reach the $8,000 mark. Currently, it seems like the one-month descending trend is continuing. However, if the upward movement fades and the leading cryptocurrency fails to bounce back quickly to the higher end of $7,700, we may see it sinking to $6,000 or even below.
The corrective rally that Bitcoin made from $7,040 to $7,700 sparked optimism for a bullish run, especially among the short-term investors who predicted that the Bitcoin price could easily rebound back to $10,000 within June.
However, the current focus is the $8,000 segment which needs to be supported by the corrective rally from $7,040. This will require the BTC volume to spike and the leading cryptocurrency to secure momentum at its weekly peak.
Bitcoin has failed to test the $8,000 region supported from the rally and has failed to test a major short-term support level, falling to $7,600. A drop to $7,500 is what most analysts are afraid of, mostly because it can push the Bitcoin price down potentially to the higher end of $6,000.
Meanwhile, investors are advising that Bitcoin is still a ‘screaming buy’ and that it will multiply and gain wider use just like the tokens. The $400 billion crypto market, according to them, could soon hit $4 trillion and even $40 trillion over the next couple of years.
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]
Discussion about this post