What happens after the bitcoin price drops to $6000 levels?
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Answer What happens after the bitcoin price drops to $6000 levels?
After the price of Bitcoin was heading to rise and rise as memories of 2017, it returned yesterday evening to the levels of $ 6000. The price of Bitcoin, which reached $8,400 recently, has returned for several reasons to revolve around $6000 only. What are the negative reasons that contributed to the unmarketed drop in the price?
A look at Bitcoin price performance
The cryptocurrency market had one of its worst days recently, after investors reacted negatively to headlines regarding the postponement of the ruling on Bitcoin ETFs, as prices fell directly so high that some believed they were on their way to setting new lows.Read:Ripple and MoneyGram collaborate with an Emirati trading platform to expand in the Arab region
At the end of last July, the price of the Bitcoin currency began to decline on a daily basis. Investors and traders saw with their own eyes that the decline included many other currencies, whether Litecoin, Ripple, Ethereum and the rest of the currencies witnessed a decline of about 35% of its previous value.
It is noteworthy that over the past ten months, currencies fluctuated in unprecedented prices, which made the task of monitoring the market very difficult, and expectations of results were not as easy as before.
On February 6, 2018, the price of Bitcoin dropped to $6,000 and then rose directly to $11,000.
On April 12, 2018, the price of Bitcoin dropped to $6K as well and then climbed back up to 11K, all of that happened in just a month.
It is true that the price fell again, but the rise, which is not based on real reasons, makes many investors doubt the possibility of price manipulation by unknown persons.
Of course, the suspicion of a group of people manipulating the price of bitcoin is almost impossible because controlling the market is not possible, whether due to the high market size or in the presence of blockchain technology, but there are many incomprehensible questions for the community of traders related to bitcoin, such that positive news no longer has Positive impact on prices, and the market is still negatively affected by any negative news.Read:A start-up in Zimbabwe intends to launch a digital currency to tackle inflation in the country
Some are of the opinion that Bitcoin should return to the $7000 levels as soon as possible to return to positivity and consider what happened to be just manipulation by investors. In the event that this does not happen, the prevailing belief is that the price of Bitcoin will drop until it reaches less than 5,500 dollars, in the journey to determine the new bottom.
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