Cryptocurrency news update: Just two days ago, Bitcoin fell down from $7,400 to $6,300 and now it stable in the $6,400 region.
Bitcoin is fluctuating a little but is fairly stable in the past 48 hours and its movement allows tokens to minimize the losses against BTC but also against other major cryptocurrencies. However, according to analysts, too much optimism can hurt bitcoin.
For more than three weeks, Bitcoin was in a relatively stable position not surpassing the $7,000 region in August, demonstrating pretty small volatility. But at the end of the month, Bitcoin made some major upside movements and the entire crypto market began to show extreme volatility. The outcome of the volatility on the market was a massive crash for Ethereum and for Bitcoin as well but also the rest of the market showed gain losses over the past month.
Analysts also warn that the market showed evidence of a failed rally and that is a big sign of weakness. The market would have to see solid stability in the lower price range before initiating a mid-term rally. So far, Bitcoin and Ethereum along with other assets don’t really show signs of stabilization in the lower price range.
ShapeShift CEO Erik Voorhees said:
‘’ The bear market is not over yet but the low price range presents a viable opportunity to invest in the cryptocurrency market. Even if BTC drops in the upcoming days, it is unlikely to see BTC testing the mid-$5,000 range’’.
He also pointed out that the market is not bullish and is not showing signs of a mid-term recovery.
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