During the last 24 hours, Bitcoin price has slumped by over 7.5 percent from $8,150 to $7,500, leaving the crypto market with a loss of nearly $30 billion: a nosedive that happened so quickly in 30 days!
But hey! such a drop in price wasn’t randomly thrown off! On the contrary, it was very expected and if you go back to last week’s articles’ you’d know they’re all about it, however, what seems to be a bit surprising is the drastic form it took as it tanked down by 8% to the $7,545 level on Bitfinex at around 0800CEST.
Looking at the declining momentum of Bitcoin, we were able to conduct a primary consensus that explains everything:
If BTC fails to maintain its volume and falls below the $8,100 mark, it is possible for BTC to test a major support level at $8,000 and eye a drop below the $8,000 mark. If BTC finds stability in the lower end of the $8,000 region, a short-term bottom will likely be found at $8,000, with expected recovery to $8,500.
Throughout the past 48 hours, Bitcoin struggled to demonstrate any sign of recovery in its volume and price, and ultimately experienced a significant drop in its value overnight.
Despite its rough fall, Bitcoin was able to sustain its dominance over the rest of the crypto market, reaching a yearly high at 48.1 percent for the first time since January of 2018. The strengthening of the Bitcoin Dominance Index in a highly volatile period signifies the unwillingness of investors to take additional risks by investing in other major cryptocurrencies and small market cap tokens, for that they have no choice but to sit tight and keep refreshing Bitmax page a little more!!