Bitcoin price may be dropping deeper into a downtrend over the course of the last few months

Bitcoin price today dropped simultaneously with many other cryptocurrencies. The market-leading cryptocurrency plummeted 4.1% to $ 7,155 after yesterday’s move to increase over 10%. This reduction has pulled other leading altcoins into the red.

The upside was ‘broken,’ Bitcoin price fell free

Bitcoin price today at 06:00 recorded at $ 7,150.19, a decrease of 1.52% compared to the previous 24 hours. According to data from CoinMarketCap, in the last 24 hours, Bitcoin trading volume reached $ 26 billion, capitalization recorded at $ 130 billion.

The volatile Bitcoin price is causing a panic for professional investors and cryptocurrency traders. Well-known cryptocurrency analyst Tone Vays said that Bitcoin is in a slump. But he believes the bottom will be found before Bitcoin can rebound to $ 3,000.

bitcoin-price-may-be-dropping-deeper-into-a-downtrend-over-the-course-of-the-last-few-months2

Source: TradingView

Looking back at Bitcoin price history, this time two years ago, Bitcoin was in glorious days when it reached an all-time high of $ 20,000. However, currently, Bitcoin has not increased dramatically in recent months. After a spike of 360% in June 2019 (from $ 3,000 in December 2018 to $ 14,000), Bitcoin plummeted.

If Bitcoin does not have a growth engine, in the coming days, the price of Bitcoin will likely drop deeply. And the only thing we can expect is Bitcoin halving 2020 in the hope that the price will skyrocket.

Recent developments show that Bitcoin still presents a difficult to judge. After unexpectedly falling below $ 6,500 last week, Bitcoin quickly recovered above $ 7,400 yesterday and dropped more than 4% to its current level. Which direction the Bitcoin price will go is still unpredictable, especially in the context of a lot of selling pressure and speculation.

Altcoin also sink in red

On the market, there are many cryptocurrencies on decrease compared to the previous 24 hours. In particular, the highest decrease was recorded at 8.75% for Kyber Network, and the highest increase reached 11.15% of Crypterium.

bitcoin-price-may-be-dropping-deeper-into-a-downtrend-over-the-course-of-the-last-few-months

Source: Con360

In the top 10 cryptocurrencies, Ethereum fell 2.97% in the past 24 hours, to $ 128.33. Ripple has also dropped at the same level, 2.96% over the past 24 hours, bringing the currency to $ 0.19103.

Tether is the only currency with the same value compared to the previous 24 hours in the top 10, recorded at% 1.01. Bitcoin Cash fell to 187.58% after losing 0.89% on the day. Litecoin decreased by 2.88% to $ 39.70. Binance Coin lost 0.83% from the previous 24 hours to $ 13.35. Bitcoin SV dropped slightly by 1.23% on the day, to% 85.05.

Tezos continued its downward trend for the week, remaining at $ 1.50, 5.32% lower than the previous 24 hours.

Two hours ago, the total market capitalization of the cryptocurrency market recorded $ 190.87 billion, $ 2.97 million lower than the previous 24 hours. Compared to last week, this figure has decreased by $ 6.1 billion. The market’s 24-hour trading volume reached $ 86.06 billion, a sharp decline of 15.57% compared to December 19.

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