After recovering from a 3-day loss, Bitcoin suddenly lost against USD and that too without any reason. The traders are unclear as to what brought this sudden bearish pressure, but the price is getting affected pretty badly. Just like that, Bitcoin has suffered a 6% decline today and continues to go down still. It has gone below $9000 and is in fact, heading fast towards $8500.
Bitcoin / USD Chart
Cryptocurrency market has always been volatile and any price momentum can send the market either way suddenly. Last year a lot of people had placed buy orders at a higher price because they didn’t want to lose out. This year, the market scenario is the exact opposite.
There are a lot of sell orders in place and a decline of 6% like today’s triggers a massive sell-off. The market started positively this morning but somehow the prices are being pushed down now. The reason is unclear to everyone because it has remained a positive market for months. And people are still interested in the world’s leading cryptocurrency to take on the future.
While writing this the Bitcoin price is $8630 but it is highly unlikely that it will be maintained. If the grinding pressure is maintained until closing time, it is possible it may even go below $8000. It can be a huge setback but will not affect those who are in it for the long term. The only indication of positive air is the trading volume. Though the prices are being pushed to the dirt the per day treading is still at $7.39 billion. Sooner or later the markets will turn around.
There is a lot of positive momentum but it is a game of wait and watch. The weekend is sure getting interesting in the crypto world. If the drop continues, Bitcoin can easily go below $8000 but if there is a pushback it can easily recover also. In fact, it can again climb back to $9000 before the end of the day.