The Digital Currency Market Continues To Dip As the Value of Bitcoin Seeks Support at $6700

Reddit co-founder praises Bitcoin, says it's a store of value against hyperinflation; to fuel new internet

On previous reports, CCN said that the value of bitcoin will possibly decline to the low of the $6k level in the short-term. In the last twenty-four hours, the value of the digital currency as reduced by 2.5%, from $758 down to $7,350, declining further to the $7,300 level at one point.

Lack of Momentum

So far this year, the price of bitcoin has witnessed three major corrections on the 7th of February, 10th of April, and 25th of May. The first correction that occurred on the 7th of February led the value of the digital currency to decline from the high of $19,900 to the low of $6,100, which is over a loss of 69%.

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The second correction that occurred on the 10th of April made the coin to drop from $12k to $6,400, a decrease of 46%. The third correction which occurred on the 25th of May prompted the digital currency to fall from the $10k mark to $7,200, a decrease of 28 percent.

The Correction Trend

There is a trend in the three corrections Bitcoin witnessed this year, and the trend is that every successive correction had narrow correction periods and smaller sell-offs. The first correction in this year lasted for almost two months, while the second and third were only about a month.

After the five-month price trend of the digital currency, it’s possible that bitcoin rebounds from the $6,800 level in short-term, starting a strong trend in the mid-term and long-term. After bitcoin bottoms out at the $6,800 level, the market is expected to witness a period of accumulation, leading the digital currency to gather momentum and increase gradually.

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Irrespective of the optimistic long-term out of bitcoin, it is vital that you know that both bitcoin, as well as other digital currencies in the market, are in a bear cycle, and the bear might continue until bitcoin bottoms out at the $6k region.

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