In the latest Bitcoin news, we have the price of the leading cryptocurrency dropping to $6,335 and dipping by 2%. However, this drop can be seen as a correction since the price of Bitcoin dropped to $6,250 earlier today.
The crypto-only exchanges have demonstrated a price of $6,350 for Bitcoin due to the premium on BTC-to-USDT (Tether) pair which left the actual price of Bitcoin at around $6,256. The volume of Bitcoin increased from $3.1 billion to $4.2 billion over the past seven days – by more than 35%.
As the price of Bitcoin fell below $6,300, the value of some major digital assets and altcoins such as Bitcoin Cash (BCH) and EOS also fell by more than 5%, along with the small cap tokens. According to some traders and technical analysts, the abrupt dip in the price of BTC was still a minor movement above the support levels and as such, it is too early to confirm a bearish short-term trend.
As one of the analysts named AwaitingMonk said:
“BTC dipped into a demand area. Absolutely nothing to worry about right now. Still focused on alts and using this opportunity to buy the dip.”
The head of operations at OKEx which is the third largest cryptocurrency exchange emphasized that historically, Bitcoin has tended to dip in value. As he stated:
“It’s always quiet before a good storm. The market has been calm for almost a year, we can expect something good to happen soon to Bitcoin.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post