Crypto Market Drops Another $10 Billion as Bitcoin Price Retreats to $6,150

2018/7/12 18:08:17

Based on the trend of the market over the past two weeks, the $50,000 price target for BTC of many large investors and experts seem highly unlikely. In essence, $50,000 and $60,000 BTC price targets by the end of 2018 are based on an assumption that a significant change can be made on the regulatory side of the cryptocurrency sector that can enable various publicly tradable instruments like bitcoin exchange-traded funds (ETFs).


By Joseph Young for CCN, JULY 12, 2018 12:04


Over the past 24 hours, the valuation of the crypto market has dropped by $10 billion, as bitcoin fell to $6,150 and ether dropped below $440.




Even after recording a steep 5 percent fall from $6,700 to $6,400 and demonstrating an oversold condition with low Relative Strength Index (RSI), bitcoin struggled to rebound and attempt a corrective rally.


Low Volume


On July 11, CCN reported that a corrective rally is unlikely even with bitcoin at $7,400 due to its low volume and overly strong downtrend. Although bitcoin broke RSI trendlines with optimistic momentum indicators, its low volume at $3.6 billion prevented the dominant cryptocurrency from surging to the upside.


CCN’s report that was released yesterday read:


“If bitcoin had rebounded to the $6,600 mark in the past 12 hours, a corrective rally could have occurred, delaying or even preventing another drop in the short-term to the lower end of $6,300. However, after briefly recovering to $6,413, the price of bitcoin fell again to the mid-$6,300 region, reducing the probability of a bear trend reversal and corrective rally in the upcoming days.”


 […] ... n-price-retreats-to-6150/



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