The Bitcoin price managed to climb to the $6,500 position again, after slipping below $6,000 yesterday – which is a mark that many analysts pegged as a critical support level for the short-term prospect of the flagship cryptocurrency.
After spending the majority of the day trading above the $7,000 mark, the plagued market made Bitcoin slip from $7,100 to $6,900 in less than 45 minutes. At the point, BTC/USD began to test the $6,800 level which was described as critical by many professional analysts.
This is not the first time in recent days that Bitcoin has flirted in the $6,000 to $7,000 region. What’s important is that now that support at $6,800 has broken, it may be the case that Bitcoin has not found its bottom price in 2018.
The good news is that the Bitcoin price managed to come back after yesterday’s crash – and is right now demonstrating a slight recovery in its volume. As the CEO of BitMEX Arthur Hayes said last month, a drop to mid $6,000 is inevitable with a low market volume like this.
All of the scenarios right now are both directly and indirectly affected by the decision of the US SEC to not list Bitcoin ETF and such delay definitely caused the price of BTC to fall. However, at the same time, a rejection like this can also have a massive positive effect on the mid-term price trend of other major cryptocurrencies.
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