At 7am 6/6, Bitcoin is trading at 7,788 USD / BTC, down 0.22%, corresponding to each BTC losing 10.56 USD, according to Bitstamp.
Statistics of CoinMarketCap show that Bitcoin increased slightly by 1.2% in the last 24 hours. However, trading volume fell by more than 1 billion USD, down to 21.4 billion USD and market capitalization was only 139.1 billion USD.
Selling pressure was strong from the end of the week when Bitcoin suddenly peaked above 9,000 USD last Thursday and plunged quickly. Analysts suspect that the decline in Bitcoin may be due to the manipulation of many speculators owning Bitcoin volume to hundreds of millions of dollars. The sell orders with huge volume made the market wobble and Bitcoin price immediately plunged.
Professional traders have also warned investors about signs of a fall in virtual currency’s price amid current sell-offs and uncertainties.
Clark’s Cantering, a well-known electronic money analyst, recently shared on Twitter that Bitcoin’s downward momentum and previous buying pressure will make Bitcoin prices continue to fall further.
“I do not agree with anyone who has the view that this is the best time to buy. Bitcoin’s downward momentum and previous buying pressure made me believe that Bitcoin prices will fall further, ”said Cantering Clark.
Not only does Clark offer a Bitcoin discount view at the present time. Other analysts also believe that the BTC may face further decline in the short term.
Josh Rager, another famous analyst on Twitter, said he believes the BTC will face a stronger decline, even if it is stable around the current price for a short period of time.
Back in the market, this morning, along with Bitcoin, many other virtual currencies also increased slightly. Ethereum increased by 2.3%, Ripple increased by 0.72%, Bitcoin Cash increased by 3.6% … However Bitcoin SV decreased by 4.5%, Stellar decreased by 0.38%