The digital currency market has declined by $5 billion in the last twenty-four hours, from $282 bln to $277 bln. The most valuable digital currency – Bitcoin (BTC) and some of the other top digital currencies have dropped by one to two percent but didn’t show any significant movement on both the downside and upside.
Bitcoin (BTC) and Ethereum (ETH) outpaced the top ten digital currencies with a slender loss of 0.8 percent, while Cardano (ADA), EOS, Bitcoin Cash (BCH), and Ripple (XRP) saw a decline of about 2.5%.
What Is the Next Step for Bitcoin?
Over the last twenty-four hours, the value of bitcoin has declined below the $6,390 mark, briefly hitting the $6,380 level before rebounding to $6,500. The value of the coin has since declined to $6,450, finding it difficult to see any sign of short-term recovery in its volume and price.
The Daily Chart of Bitcoin
The daily chart of the digital currency indicates that the trading volume of bitcoin is at its yearly low. Even in February, when the value of the coin declined below $6,100, the trading volume of the coin was considerably higher than the present trading volume of bitcoin.
Since on the 13th of June, Bitcoin has managed to maintain a short-term corrective upsurge from the $6,100 mark to $6,450, but as a result of the low trading volume of the coin, a decline to the lower end of $6k in a few days from now can be expected.
At the moment, the 50-, 100-, and 200-day moving averages indicate that the bears are still in charge of the BTC market, and if the value of the digital currency declines beneath the $6,300 level in the next twenty-four hours, a dip beneath the $6 level is inevitable.
On the other hand, if the trading volume of bitcoin increases and its value surges to $6,700 in the short-term, an increase to the $7k mark is a possibility.