Bitcoin Shows No Sign of Recovery, In Verge of Dropping Below $7000

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.


Current Price of Bitcoin:
Currently, the currency trading at the value of $7,938.43 and its value is decreasing by 2.03%. The market capitalization of the currency is $142,883,413,333 and the 24-hour volume of the currency is $15,138,668,727. The circulating supply is 17,998,962 BTC and the ROI of Bitcoin is 5,767.28%.

It is clear that Bitcoin is struggling in the market and the bullish movement in the value is nowhere to be seen. Bitcoin is currently under constant bearish pressure. The currency has failed to break the resistance level of $8,374 and currently trading around the value of $7,000. The currency was doing really in the previous few months and the currency even crossed the value of $10k.

Unfortunately, the bearish correction pulls back the currency price, as per the chief investment officer of Arca, Jeff Dorman said yesterday that,

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“Today’s move lower is less about the magnitude and more about the correlation and direction.”

He further stated,

“With volumes still quite low relative to the summer, shorts are incentivized to keep pushing prices lower until they hit resistance.”

BitMEX, one of the most famous crypto exchanges in the crypto community and usually the traders use it widely to put the long and short contracts of BTC. Also, the lower volume in the value of exchange makes the thing simple for the bearish movement to be in control. On the other hand, in July when the value of the Bitcoin touched the value of $13,920 the weekly volume of the BTC decreased up to $15 billion from the $55 billion on BitMEX, the total loss was more than 72%.

BitMEX is the biggest margin trading exchange in the cryptocurrency market and the volume is really important for the traders. The anticipation at the time is that it mostly impacted the bitcoin’s short period value trend.

Bitcoin’s Price Forecast: After watching the drastic fall in the value of the bitcoin, most of the investors or traders in the cryptocurrency market are saying that value will potentially drop till $6k soon in the short term. Many traders of the bitcoin cryptocurrency who have been adjusting in the medium-term bearish trend are constantly affirming that value range of $6,300 to $6,500. They are saying that this region of the bitcoin value has noticeable history and it would be serving as low for the Bitcoin going towards 2020.

On the other hand, a technical analyst who works with the different name of “Dave the Wave” noticed that the high instability of the short terms movement signal’s irrelevancy is increasing. Bitcoin’s decreased volume on the BitMEX has caused a lot to sell pressure and technical analysts or experts are saying that the currency will pull back the volume around 30% to 40% from the current prices.

Altcoins are also under Bearish Pressure: Other than Bitcoin, Ethereum and Ripple are also not performing well in the market. Both of them are experiencing loss of value against the US dollar and Bitcoin in the market at the start of the year. The value of the Ethereum has dropped by 88% and the value of XRP has dropped by 92% and on the other hand, BTC has dropped by just 60%.

This is indicating that the altcoins are also not doing the good growth in the market and forecast in the of the July as the altcoin season has not done well to the market. The valuation of the virtual currency has decreased by 42% in 4 months and reached up to $220 billion from $385 billion. The bitcoin and other altcoins need to cross their resistance levels to trade with the bulls and their daily and weekly volume needs to go higher.

 

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