The downside move of BTC should be no surprise, since from April 10th the BTC rate is constantly falling. After all, several interesting phenomena that should interest many investors.
Devilish joke
To certain traders, a decline in the value of BTC to $6,666 was a meme, after which the BTC price continues to wick down once this devilish level is broken.
The price of BTC also struggle to exceed the 50-day moving average of $7,000, and below this level, it is already very difficult to overcome. Many cryptocurrency analysts believe that below the $6,200 support significantly increases the chance of Bitcoin price falling to $5400-$5800 area.
Since 2nd of April, looking at the daily time frame, there was a high volume node ranging from $6,600 to $6,850, but yesterday’s dip to $6,465, has made investors look at volumes between $6,400 and $6,200.
Summing up
Bessa will probably result in price drops to $6,400, $6,200, and $5,800, where Bitcoin will form a double bottom. It’s hard to say how the BTC will behave in the next weeks. The only certain thing is that investors put hope in halving, which is expected to take place in around 23 days (May 11, 2020).
The Bitcoin price dropped by 3.68% with Altcoin recording similar losses and the Ethereum exchange rate was corrected by 4.29%. The total market cap of cryptocurrencies is currently standing at $ 190 billion in total, and Bitcoin’s dominance rate is 64.2%.
