Bitcoin Sumps to $6,400 But Experts & Technical Indicator Says No Worries, We’re Going Up

Bitcoin takes a dip but maintains its stance strengthening the plunge in its volatility. In tandem with Bitcoin, the entire crypto market is registering the losses as well. However, according to the experts and technical analysis, a trend reversal is coming soon.

Bitcoin [BTC] in red at $6,421, so are the altcoins

Today was quite the predictable day for the Bitcoin price as the Bitcoin ETFs got rejected as expected and price slumped. However, despite being in the red what’s interesting and good for the market is Bitcoin is still very much above the critical $6k level. As you can see in the chart below, we started today’s journey at $6,363 and reached the highest point at $6,502. The world’s leading cryptocurrency is right now sitting at $6,421.

There has been a substantial plunge in Bitcoin volatility which is extremely good for not only Bitcoin itself but also the entire crypto market. Though altcoins move on their accord registering significant ups and downs, bitcoin still rule the market as the deciding factor where exactly the prices will be moving. Though moments like yesterday where Bitcoin took a jump to the almost $7k level due to reportedly BitMEX going offline and a tether manipulation do affect the market.

With a market cap of $111 billion, the BTC Dominance is currently holding the fort at 53.4 percent. However, one of the most important factors that are getting affecting and dropping and not at all good for Bitcoin is its trading volume which is currently at $3.9 billion.

Along with Bitcoin, a majority of the altcoins are also in the deep red in the range of 5 to 10 percent coming back to their prices before it rose yesterday.

Not to worry, we just might get a reprieve soon

Bitcoin has lost more than 60 percent of its value since it hit its peak in December at $19,500. But as put by the CEO of leading crypto exchange, Binance, Changpeng Zhao the market keeps on moving through these phases, through this Tweet:

2017 Sept: BTC price $3000, FUD / negative news abound. 3 months later: BTC price $20,000.

— CZ (not giving crypto away) (@cz_binance) August 23, 2018

Also, the GTI VERA Convergence Divergence indicator has been reported by Bloomberg to be showing the signs of exhaustion. This means the Bitcoin sell off just might be over. It is a possibility that the trend would be soon reversed meaning the bulls will take over and the crypto market will yet again bloom.

The report shows,

“The last time this signal pointed to a reversal, Bitcoin surged 39 percent the following month.”

Well, this was exactly the kind of a trend crypto enthusiasts are looking for. However, truth be told, in the crypto market these trends rarely work out, but hopefully, this time like the last one the market will take a stock of the trends and the development and positive news surrounding the market, in general, will help in a surge.