Stormy Markets – Volume takes over when Bitcoin (BTC) drops to $ 6,200


The cryptocurrency market has had difficulties in the last few days, with market leaders such as Bitcoin and Ethereum that have recorded losses of almost 20% in the last 7 days.

Bitcoin exceeds support at $ 6,800, with a minimum of $ 6,175 [19659003] "Stormy" could be a word used to describe the state of the market, but for some this market description might be a little bit. too kind.

Bitcoin dropped to nearly $ 600 from $ 7.100 just yesterday, when the SEC announced it would delay the verdict on the ETF backed by VanEck. While he broke the life support of $ 6,800, which many technicians consider a key level that Bitcoin should keep, he seemed to find a place in the ~ $ 6,500 range.

However, as the market moved on Wednesday morning, Bitcoin also fell, capturing many investors with lowered trousers to the level of ~ $ 6.175.

While the above decline from $ 7,100 to $ 6,500 made sense, many were caught unawares with this decline, not being clear if there was a catalyst for this recent $ 300 downward candle

Although Bitcoin may not find support in the $ 6,000 mid-low range, it is important to note that Bitcoin's break in the $ 6,800 level could be a problem. Before Bitcoin's most recent recovery, where the price of the asset rose from $ 5,800 to $ 8,450, Bitcoin struggled to exceed $ 6,800 on several occasions, which indicated it as a heavy resistance level (and next support).

As reported by Ethereum World News earlier, Bart Smith, the head of Susquehanna's digital assets, continually highlighted the $ 6,800 as a "make or break" level. Speaking with CNBC's Fast Money rapporteurs, Smith said Bitcoin needed to set higher lows (and higher highs), even keeping above $ 6,800 to make a higher move in the future.

For now, a rebound may not be in store for the price of so-called "digital gold"

The market sets the historical minimum

Altcoins has followed the bitcoin down, with a majority of altcoins that has underperformed the main cryptographic asset. In fact, the Bitcoin domain has increased slightly to 49% at the time of writing.

Despite the fact that Bitcoin has not hit a minimum since the beginning of the year, the collective value of the cryptocurrency market has reached a low YTD to a sad $ 220 billion. While the fundamentals may be open to the question, one thing remains certain, given that the volume is returning with this move down.

The publicly available trading volume is currently shown as $ 16 billion in the last 24 hours, which is almost 50% of the data shown about 48 hours ago.

However, some investors remain confident, even if the market has established bearish figures. Take a look at the following tweet from Bobby Lee, the co-founder of the BTCC exchange and brother of the founder of Litecoin, who noted that a cryptographic fund may not be present, but remains bullish in the industry.

Title Photo by Nikolas Noonan on Unsplash

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