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.
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“Until we close below it, my probability of $1,300 remains a little bit lower; the […] we have a full candle below the moving average, it’s all over; we’re going to $1,300.’’In the top twenty list, Litecoin saw some daily gains up to 9 percent thus reaching a price at around $28,79 and this increase in price comes from the announcement that a booking website named Travala will start accepting Litecoin.
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“The numbers next to the line are the spread b/w the open and close for that day. There is nothing bullish about this chart until BTC reclaims $3,300. Your obsession to knife catch a ‘bottom’ is directly proportional to your account erosion,’’ Hsaka said.A similar sentiment is placed upon Ethereum as well as for Ripple when digital asset trader DonAlt said:
“If ETH makes it out of that horizontal and diagonal resistance combination, I’ll be turning into a dip buyer. For big ETH bears, this is the place to look for shorts. If this resistance fails I think we’ll go quite far. I’ll just observe and see how it does.”The daily volume of BTC has almost halved from $6.5 billion and the decline in volume shows a period of high volatility proving that most digital assets are dropping in price without a higher sell-pressure from sellers and bears. It is very unlikely that in the following months, a new set of investors will join the crypto market which will provide the market with some breathing space.
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