What’s the cause of the recent drops in Bitcoin price?
At a basic level, low volume. In fact, yesterday Bitcoin marked the least amount of volume it has seen since late November.
It’s about half of the volume average of the last 30 days.
The last time volume was this low, the BTC price (and therefore market cap) were almost the same.
If we bounce off this uptrend and find consistency at this level of volume, we could finally be in for some consolidation - some sideways price action.
This is what we need to see before we can expect any significant move up.
The fact that BTC, completely decoupled from Wall St, with 0.04% adoption is worth roughly 8k is beyond words.
Remarkable isn’t close. You are the embodiment of bulls and bears; don’t let anyone tell you otherwise.
For future viewers: price of bitcoin at the moment of posting is 7717.10USD
Hi, great post, have followed you. What do you think of the current state of the Bitcoin market?
I think Bitcoin is in a general downward trend due to people putting in money and hoping for a quick gain. Now they have to move that money out. At the same time, there are not as many new people who are willing to just invest some fiat they can afford. Until these two elements are balanced, the currency will fall.
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Thanks! Just survived codvid-19