In the past 48 hours, the price of Bitcoin recovered from $6.800 to $7.000 and then dropping again in the region of $6.500. Today, Bitcoin is stable at $6.969 after a prevented fall to mid $6.000.
The price rebounded and also smaller market cap cryptocurrencies recovered and pushed the entire crypto market to about 230 billion. Yesterday, 30th of August, many traders believed that the price of Bitcoin will likely fall to $6.500 but Bitcoin surprised everyone showing stability around the $7.000 region. Some experts believe that the worst part of the crypto market correction is at its end and Bitcoin is expected to show a major resistance level in the $9.000 region. All other major cryptocurrencies will continue to be relatively low in volatility and will show a stable momentum in the next weeks to come.
The BTC/USD pair is now at a bounce back towards 6900-fiat. Stochastic indicators dipped into the stronger selling areas and will likely continue to do so. If the next near bearish correction prolongs, we can see the price break below support and then come to a 6755-fiat which is a primary downside target for some analysts. However, experts believe that the bear market is not over yet for cryptocurrency but maybe we should take advantage and accumulate using the low prices of most cryptocurrencies. Most of the experts strongly believe that Bitcoin will go through another correction before starting a mid-term rally.
The other major cryptocurrencies despite Etheruem, such as Ripple and Bitcoin cash struggle to show recovery in the price and made maybe even insignificant 0.4% gains getting far behind Bitcoin and other cryptocurrencies on the market.
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