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 BTC: beyond $5,800?

The market is recovering, but the downward trend is still strong.


On August 8, the crypto market demonstrated growth, Bitcoin (BTC) bounced to $6,600, Bitcoin Cash (BCH) exceeded $620. However, in the last few hours the major cryptovoltaic currencies started to show decline in momentum, Bitcoin dropped to $6,300, Bitcoin Cash fell below $600.


Since July 29, the Bitcoin rate has been in a free fall, dropping from $8,300 to $6,350 for a two-week period. Other major cryptov currencies and tokens experienced an even more significant decline, losing 30-40% within 12 days. During the last 8 months since January, the cryptovoltaic market and the most important Bitcoin cryptovoltaic have been facing similar trends and price dynamics.


On February 6, BTC fell to $6,000 but then recovered to $11,000 within a month. In April, the BTC rate fell back to $6,000 within 30 days. In May, the BTC peaked at $11,000, falling back to $6,000 a month later. The Bitcoin price has been fluctuating between $6,000 and $10,000 since January, as large investors outside the public exchanges manipulated the BTC price. Judging by the recent dynamics of BTC, given that the OTC market is 2-3 times larger than the stock exchanges, it is difficult to rule out the option of price manipulation. Bitcoin keeps the downward trend, while other cryptov currencies and tokens are expected to show even more significant downward dynamics. Recently, rumors have emerged that Coinbase can integrate XRP on its market, but similar rumors have been heard before, and this has never happened.


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$5,800 Next? Bitcoin and Major Cryptos Recover But Downtrend is Strong, CCN

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