Bitcoin price Sudden fall create tension among investors
From start fo 2019, we can see a constant hike in the price of Bitcoin and many other related cryptocurrencies. But suddenly Bitcoin price crashes 15% to below $8,000 just in half an hour, how it could be possible? Yes since June 2019, this is the biggest fall in the price of BTC. As the price of Bitcoin reached at it’s the lowest level by the end of 2018 but from mid of 2019, there is a positive hope emerge among investors. Why the price of BTC crashed instantly by 15%?
Highlights
- Bitcoin price got an instant fall in price since June 2019, It goes down by 15% and reached at $7,944.33, its lowest level since mid-June.
- Brian Kelly, CEO of BKCM, told CNBC that $9,000 was a “major support” level, as the Price broke up, the trend of selling BTC increased
- Other Altcoins or alternatives of BTC also start to go down, The coins like Ether and Litecoin also crashed by 20%
Will the price of BTC rise or fall in the coming month?
Now the question the price of BTC will go up or will crash more in coming months or days. This is really a big question for investors. Potential buyers of BTC are looking to increase in the price of BTC but this instant fall creates doubt in their mind. This sudden fall in BTC price can force to sell the BTC on the current price to secure themselves from the coming fall in price.
Cryptocurrency is really a very unpredictable digital investment in which we can not predict what is going to be next? For now, Bitcoin is in Loss condition, it was unable to maintain the bitcoin price which was going up from June 2019. yesterday it fells down below the psychological mark.
BTC is in a Loss situation
Now BTC is in loss situation in the short term, down 4.4% for the week, 9.9% for the month and 30.9% in the last six months. This is really and unpredictable fall because the price of BTC was going up and up from start fo 2019, Bitcoin has gained more than 160% since the start of the year.
Search Volume of Bitcoin in Google going down
The interest of people in Bitcoin is going down again by the instant fall in bitcoin price, According to Google Trends, the search volume of BTC over the internet was started to go down by end of June 2019, as there was a peak in the price of BTC from June month. People started to search more for BTC but again the bullish price movements decreased interest typically. Because of the constant rise in price tends to increase the number of people searching for Bitcoin.
BTC Trading volume also has fallen
It’s just not the no. of people dropping searching for BTC, also the trading volume of BTC going down, the no. of Investors trading in BTC also fallen off, It’s falling from around $42 billion in daily trade volume down to around $15 billion throughout September. So these data is not good for the future of Bitcoin and other cryptocurrencies.
The top 8 Cryptocurrenioces out of 100 major cryptocurrencies are in green, while the most fo the major altcoins are down between 2 and 5%. However the BTC is performing good in comparison to other currencies, but as the bitcoin price goes down, its really a worrying situation for the market.
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