Today, the price of Bitcoin (BTC) is around $7500, while on Tuesday it was meandering near the $7000 levels dangerously close to breaking the $6999 barrier towards a steep slope into the fence.
Crypto currency News said Bitcoin is on another bearish run, testing a support of $7,300 facing a barrier of $7,500 to $7,600.
“A movement past $7,600 could take BTC/USD further up toward $8,000 later this week. On the downside, a break below $7,330 may push BTC/USD toward the other direction to the $7,200 level,” it said
BTC dominates the total market capitalization by occupying 38.4% of the current total market cap of $328 billion.
On December 17th, BTC hit at a value of around $20,000.
It’s anyone’s guess where this s going, but addicts can now seek treatment.
First the Slide
Coindesk said recently that BTC risks falling to the key support level of $6,900, having failed to capitalize on signs of weakening bearish momentum.
BTC hit a 7-week low of $7,040 Tuesday, 3.5% down in 24 hours, with losses signalling a continuation of the sell-off from the recent May 5 high of $9,990 and indicate scope for a drop to $6,900, “a level that the bulls need to defend at all cost. If they can’t, prices may go as low as $5,000.”
According to FXStreet, several players are expecting to see strong renewed sentiment, once BTC/USD drops within the $6000 price region. “Any pressure further to the downside through $5000-6500 areas, could really send Bitcoin free-falling south,” it said.
According to the globalcoinreport, it is no secret that plenty of traders have speculated manipulation.
“Besides, there is no regulation to protect against it in the crypto-verse in the first place and therefore, it is a free for all or whoever has the might to orchestrate a market coup.
These type of manipulations can only be done by institutional investors, large-scale traders and any other large entity that can do this,” said globalcoinreport.
A Market Manipulation Theory by CCN, an industry site, claims a group of cryptocurrency researchers and traders suggested that the Bitcoin price has began to fall from its all-time high at around $20,000, on the same day the bitcoin futures market of CME and CBOE launched.
“The group of traders claimed that through the futures market, institutional investors and large-scale retail traders manipulated the market to cash out short contracts by purchasing and selling massive amounts of Bitcoin in a correlated manner,” said CCN.
BTC to stabilize decades from now
According to UK’s Express, Mati Greenspan, a senior market analyst at eToro, said it could be decades before BTC has a stable price.
Speaking to Express.co.uk, Greenspan said: “I don’t think the volatility is going to go away any time soon, especially since we still have a lot of Bitcoin ‘whales’ or people who are involved in Bitcoin early on who have amounted a large amount stockpile.
“Once you see more distribution and more liquidity in the market, I believe we can then have a much more stable price fluctuation.”
From October to December 2017, the value of BTC soared from $4,309 to $19,304 – a 450% climb.
FX street revealed that Cryptocurrency adherers who become addicted to trading virtual money can get treatment at Castle Craig Hospital in Peeblesshire, an addiction center that has developed a specialized course for ‘crypto addicts’ to help them to learn how to live without Bitcoin and other digital assets.
Nouriel Roubini, a famous Bitcoin critic, was quoted by FX street as saying on his Twitter account “Most crypto zealots have the symptoms of drug addiction & lunatic delusion of instant wealth that leads to mental/financial ruin.”
But could the BTC fad be fading?
“The overall interest in cryptocurrency jobs also seems to bottom out. Fewer companies have Bitcoin or other crypto-related job offerings. This is in stark contrast to the blockchain-oriented job openings, which do not suffer from this same decline,” said FX street.
“Additionally, the overall Google Search Trend for cryptocurrency has also taken a big dip. In late 2017, the global interest in cryptocurrency sparked all of a sudden. Given the price increases at that time, it was only normal. However, this year has been pretty different, and the Google Trends are following the price trend as of right now. Lower interest in cryptocurrency usually results in lower prices.”