The bitcoin price was dropped slightly by 1 percent over the past 24 hours, declining below the $6400 mark. Other major digital assets have failed to record any significant movement on both the upside and the downside.
As of jully 1, the volume of BTC remains above $4.2billion and the volume of ETH also recovered to $1.4billion and the market is at a significantly better position than where it was a week ago.
For short-term, the market will struggle to initiate a major movement on the upside and downside . Major cryptocurrency like BTC,ETH,and XRP remains at their current levels.
The relatively Low volume of BTC in comparison to May and April could likely result in BTC dropping to below the $6000 mark once again , especially if BTC fails to secure its support level at $6200.the CEO at major bitcoin exchange BitMex ,Said on CNBC fast trader that the price of BTC will highly achieve $50000 by the end of 2018.
The crypto currency market is experiencing a fast-forwarded version of 2014 correction,and bears have sold of their holdings too quickly,leading the entire market to demonstrate a strong oversold condition.