Bitcoin has been on a standstill for a couple of weeks amidst the predictions that Bitcoin will be worth over two hundred and fifty thousand dollars in a couple of decades. Let us not think that far ahead and take a look at current market trends.
Bitcoin’s price ends its consolidation which remained for fourteen days while the trade value remained around $6380-$6480. The consolidation followed a trade value rise of BTC that many experts predicted was going to be the first step of a long bullish trend. However, that was not the case and the trade amount last week was the lowest since the start of this year. This indicated the little trade activity during the consolidation period.
Today a significant drop in the price of about 3% ended the consolidation. The price plunged from $6390 to $6210 in just a few hours. This drop is not enough to analyze whether or not the bearish trend will continue. However, if the price falls below the $6000, it will be clear that BTC faces a much greater bearish trend
The hourly chart provides further detailed data regarding the drop over the two hours. The trading pattern has not changed since earlier this year, though the variables changed position often as now the price is at the bottom spot.
Looking back to the consolidation period, the trading market cap was around $210 Billion while today it fell to $203 Billion and may continue to drop, it is also to be noted that the market cap has fallen below $200 billion mark several times since January.