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- After a gigantic sale on June 2nd evening, a big drop in the bitcoin price was noticed.
- On Wednesday night of June 3rd, the biggest digital currency returned to its initial value of the ongoing week.
- Many of the trading platform players of crypto space even tried to push the current price even lower.
Bitcoin price could not sustain above the $10,000 mark, end up losing previous gains after facing a massive dip.
Dip In Bitcoin’s price
After a gigantic sale on June 2nd evening, a big drop in the bitcoin price was noticed. However, in the first half of the day, the currency on the crypto space exceeded $10,100 mark. But till the end of the second half, it again returned to the previously won position making no significant change.
It might be shocking for the many bitcoin supporters, who previously stated that the mark of $10000 is just a beginning of currency (BTC) new scaling. But on the Wednesday night of June 3rd, the biggest digital currency returned to its initial value of the ongoing week. It held just at around $9,500. No big change is noticed until now. Maybe there is time for this week to end and then there might be some possibilities.
Is BTC Holding Up?
The sale went quite aggressively at all the leading floors of crypto space. As per the report offered by skew, long positions with totalling of $6 million were liquidated only on the BitMEX platform. This clearly shows the aggressive nature of the sale.
Many of the trading platform players of crypto space even tried to push the current price even lower. But somehow the BTC is still holding. The pressure was constantly increasing when the sale went live and many researchers clutched that angle of observation. Still, the crypto space is waiting to get the experts’ response, for the fall of currency.
However, some of them predicted earlier that a rollback will be inevitable if the currency not exceeded more than $10,500 USD. Maybe bitcoin still has time and we can expect that the up-down cycle of bitcoin is not going to be in halt, or maybe that’s the case for now.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
