It has been coming for a while now, but the price of the Bitcoin has come down firmly in the bottom of the $10,000 again. A lot of people think we're out of the Woods last week, but the real price correction has not occurred. As a result, we now see the price $9,500 only Bitcoin, and it seems the bottom look no further. It will not be possible to see Prince Bitcoin finds the first real support under $8,500.
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The expected price of the Bitcoin dip has arrived
No one takes pleasure in seeing a decline in the price of the Bitcoin under $10,000 now. Other than some financial experts, who will be happy to tell the world how Bitcoin bubble effectively has exploded. Everyone should agree a price advantage on the 2017 Bitcoin more spectacular and sustainable in the long term. This has been a sign of what the future may hold for Bitcoin, but for now, we have to endure a long and steep market correction first and foremost.
A few weeks ago, we already mention how price Bitcoin will tend to go down to $9,000 before we'll see the momentum to again. At that time, it seems that it will not happen after all, but today, it suddenly looks like a very realistic target. The price of the Bitcoin already dipped below the $9.550 and there is no real support on each Exchange to push it back up to more than $10,000 anytime soon. It's unfortunate turn of events, but anyone with a working brain see it coming from a mile away.
With the price of the Bitcoin dropped hard, there will obviously be a strong focus on prices, Ethereum. Oddly, the Ethereum seems to be holding its own pretty well, while the price of the Bitcoin is down 7.39% within the last 24 hours. If this trend keeps up, it is not impossible Ethereum will inch closer to Bitcoin on market capitalization and potentially overtake it in the next few weeks. Flippening may occur after all, although it is still too early to confirm this will happen.
With the $7.563bn within 24 hours of the trade volume, it is still the largest cryptocurrency Bitcoin on this. The volume is almost twice as high as the Ethereum's, and no other currency came even close to $1 billion now. We have seen trading volumes decline materializes for more than a week, bearish sentiment and seems to blame for this development. Trading volume was still solidly in the Bitcoin, though, but with so many bearish pressures, prices will continue to be reduced unless Bitcoin a miracle happened.
Not surprisingly, the trading platform now largest Bitcoin is none other than OKEx. The company has clear lead over Bitfinex. OKEx is in the top three with a pair of ETH his too, that BTC is rather interesting. The usual suspects, such as bitFlyer, GDAX, and even Bitstamp not even close to making a dent in the volume of trade now. Obviously the amount of fresh capital enters the cryptocurrency ecosystem is drying, which will help drive the price of Bitcoin down further in the coming hours. Kraken is already trading at $9.260.
For the moment, All user cryptocurrency must survive this attack. It is a healthy correction when looking at the bigger picture, but that doesn't mean we have to like it when it actually happens. Rest assured the price Bitcoin can easily get down to $8,500 or potentially lower in the coming hours. Compared to a year ago, things are still being very rude, which is something everyone needs to keep in mind.
Source :
https://themerkle.com/bitcoin-price-hits-9400-as-bearish-pressure-intensifies/