BTC Wires: In a mere 3 hours, the value of the crypto-market has fallen by $9 billion, with major tokens such as BTC, ETH, XRP, BTC Cash, and ADA having fallen by 2-5% each. Even 24 hours back, reports showed the crypto-market stabilising towards another rally, as all kinds of coins had remained held in the same position for more than a week. An upside movement for BTC was definitely anticipated.
Stability for only a short while in the crypto-market as seen recently, would generally lead to two situations: either a sudden surge in prices, or a gradual decline to the previous, lower steady state. Within the last day, BTC prices have fallen from $7,700 to $7,550, thus negating all it’s profits made in its short-term recovery.
If Bitcoin doesn’t manage to get back up to $7,700 within the next hours, we can expect it to gradually drop below $7,000. It will not be surprising if this happens, as the last steady place for BTC at $7,400 already looks close to being broken.
Several major investors, including the likes of Peter Brandt, had predicted a surge for Bitcoin all through the week. However, anticipating a price rally is conditional, and depends on if the trading volume of BTC goes back up in a short period. The past 2 weeks have shown that the daily volume of BTC trade has stayed rather low, especially in comparison to earlier this year.
“BTC is setting up for a big move soon. From a pure charting point of view the move could be in either direction. In fact, the burden of truth is on the bulls,” Brandt had explained on June 7, as BTC seemed to be heading for another major price rally. But, the surge stopped at the $7,700 mark, and has now fallen below $7,600 again.
As of right now, considering the relatively low trading volume of both BTC as well as ETH, it is very likely that Bitcoin prices will decline below the $7,000 mark; all other tokens will be expected to fall considerably against both USD and BTC.
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