Bitcoin Prices Projected To Drop Further
With bitcoin market price dropping by 7%, the crypto is looking for support out of the $6,480 mark. Overall, the market cap has lost approximately $36 billion in the last 24 hours. Market expert Crypto Yoda has given insights on the next performance of bitcoin.
Within a day, bitcoin has lost by about 8% to trade at $6,497. Dealing with bears from last week has proven an uphill task for bitcoin hence the drop in prices. With the entry of bears a week ago, bitcoin has been on a slump losing by 15 per cent.
Daily trading limits have risen to about $5 billion in a market capped at $111 billion. The rise has been linked to bitcoin holders looking for cash exchange for the cryptocurrency. The sell out has been motivated by the SEC’s decision to hold back in approving bitcoin ETF.
On the other hand, other digital currencies also dropped in tandem. Notably, ethereum dropped by 9%, XRP (15%), bitcoin (13%), similar drops were recorded among other cryptos too.
At the same time, the market cap is witnessing a loss of $36 billion in a span of 24 hours. Key to point out is that bitcoin’s control has increased to 48.6% from 47.3%. The hike is attributed to the loss among altcoins.
According to Crypto Yoda, bulls can still reverse fortunes of bitcoins since it is trading in iHS support. However, the reversal could only be witnessed when bitcoin was trading at above $6, 500. The current below $6,490 market makes it a challenge.
With crypto market uncertainty, investors still believe that bitcoin might hit the $7,000 mark. At the moment, bitcoin is aiming at the downwards level.