Concern continues to rise among Bitcoin investors in light of recent market moves. The entire cryptocurrency industry has been dealing with downward pressure on market prices over the past few months. Recent trading values point to a prolonged bear market that could readjust price levels for Bitcoin and other popular cryptos to even lower levels than where they are right now.
ArmyOfBitcoin.com is one of the top cryptocurrency sites when it comes to tracking daily market values for the top players in the industry. In a market report that was first posted on Monday and updated early Tuesday, Bitcoin (BTC) sunk to a new two-month low of $6,619 on Bitfinex this past Sunday to reflect a 10 percent drop in value. This followed two weeks of trading in the range of $7,000 as a low to $7,800 as a high. The short team pushes by the bulls have been continually rebuked by a bear market over the course of the past six months when BTC traded at an all-time high of $19,891.
How far the value of BTC may drop in this bear market is hard to say, but CoinDesk has pinpointed $6,000 as the next important level to watch in this current free fall. One of the driving forces mentioned in this latest market report are renewed security concerns as well as some internal issues with the South Korean exchange Coinrail. Another issue raised by CoinDesk is the crypto market’s tendency to make a big move one way or the other following an extended period of low volatility. There is a general uneasiness among many crypto investors right now, so it really does not take all that much to institute a downward push on market prices.
The value of BTC had already dipped below the $6,000 plateau in early February. This latest significant move below the $7,000 level could pave the way to another decline that could actually dip below those previous lows.
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The most recent market value for BTC was $6,773 on Bitfinex, which is a drop of 6.4 percent in a 24-hour window. The report cites some key benchmark figures that point to further declines. Starting with the February low of $6,000 moving through the 100-week moving average of $4,496, it also goes back to a $3,300 trendline that was drawn from a low-value point in August of 2015 and in March of 2017. What all these numbers point to is a bear market that remains in control for the time being. This tends to cancel out the minor bullish rallies that have taken place in recent weeks. The bulls in the market still point to $7,200 as a possible rally point.
The overall market view for BTC presented in this latest report still signals to a drop below $6,000 over the next week or two. There could still be a corrective rally between $7,000 and $7,240 over the next two days before the further sell-off would drive the price back down. The target figure of $7,444 on the 10-day market average would soften this bearish view.
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