Bitcoin started the day around $7197. There have been a lot of sinister moments in the previous week as the market looks generally bearish and bullish believers were disappointed once again. Although there were periods of major reversals, Bitcoin fell to around $6942 (a 3.5% decline).
BTC/USD 24 hour graph
Information provided by Trading View
There were significant moments in which the market looked to be going against the trend; the most significant moment was when Bitcoin fell to around $6,920 followed by a sharp rise to around $7,135 but only to be followed by a period of sharp decline to $7,011 followed by another decline to around $6,950 and a decline to $6,900.
A major reversal period of BTC/USD
Image provided by the Trading View
Major Bitcoin news in the last two months was about Bakkt launching its Bitcoin trading platform; the news made little impact on the upward trend of the Bitcoin price. With no new announcement in the coming days, some investors believe that the Bitcoin price might decline further but other investors think that Bitcoin might see significant gains because of the increase in Bitcoin adoption.
We might be expecting a sharp increase in the price of Bitcoin to around $7400 or a sharp fall in the price of Bitcoin to around $6500.
24H low: $6942
Market capitalisation: $29,136,601,905