Why Bitcoin Going Down? Bitcoin (BTC) Price Analysis: Bitcoin BTC Suffers a Sharp Decline in Price to 6,000 USD Setting a New Low for 2018 (Bitcoin News Today)

Bitcoin’s (BTC) Price Index declined to 5,938 USD as reported by CoinDesk. This figure has improved because as of time of writing, the digital currency was trading at 5,977.02 USD. All in all, the price of the world’s largest cryptocurrency by market cap, Bitcoin (BTC), has declined by 700 USD since trade started on Friday.

Bitcoin (BTC) Current Predicament Had Been Foreseen Earlier in the Week

According to a previous analysis, the market bears might be back in force after the recent push beyond the 6,700 USD mark. According to CoinDesk writer, Omkar Godbole, earlier on Friday, the technical charts of the BTC/USD pair indicated the potential for a decline in prices below the 6,000 USD mark.

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Bitcoin (BTC) Price Today / USD

Name Price24H (%)
Bitcoin (BTC)
$6,412.02
-1.69%

The price of bitcoin, the world’s largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday. The value of the token slid to 6,455.92 USD during trade in the afternoon, dropping more than 280 USD within just two hours. This is arguably the lowest since April when the crypto token registered a 6,443 USD low.

The charts indicate a support at 6,436 USD with the next significant support level at 6,000 USD as a result of the lows from February 2018. Bitcoin’s (BTC) price stands at 6,523.86 USD as of press time, indicating that it is down by 5.82 percent in 24 hours. Bitcoin (BTC) is moving towards a 60 percent depreciation.

The Larger Crypto Market isn’t Exempted From The Decline in Prices

The rest of the cryptocurrency market was also affected as the market capitalization dipped to 102 billion USD which is this year’s lowest so far. Downward price movements was the other the day for all tokens. Litecoin (LTC) dropped to 98 USD while EOS went down by 12 percent which indicates a 34 percent decline since June 4 as reported by CoinDesk.

No one knows when the market will improve but traders are advised not to make any long term changes.


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