Bitcoin, Crypto currency, Blockchain

Bitcoin-rate of more than 10 percent! What are the reasons?

0f4a9e96d7d2091fde587d079d801086 - Bitcoin-rate of more than 10 percent! What are the reasons?

10. In June there was a big Sell Off, let the market capital of 14 per cent fall. The price of Bitcoin itself has lost 11 percent, while a majority of crypto-currencies even more lost. What is the meaning of this change of course for the future?

In the last two weeks of the course has moved primarily sideways. This sideways movement culminates in the moment in a red Sunday:

Within this tag, the price of Bitcoin has lost a whopping 11 percent. In a single day Bitcoin lost as much as the last Time at the beginning of April. As is often the case, the majority of Altcoins is to Bitcoin in a similar way: If Bitcoin falls, will fall also to currencies other Crypto.

What are the reasons for the fall of the Bitcoin price?

A lot of questions as to the reason for this price fall. Different things are given. Some sources make the Hack of the South Korean Exchange Coinrail responsible. Since Coinrail is, however, a rather small stock, it can hardly be the reason.

Significantly more likely to be a connection with the CFTC running hearings. The American authority requested for quite some time data on the trading behavior on the stock exchanges, Bitstamp, Coinbase, Itbit, and octopus. The stock exchanges were before, which is why CFTC to hearings vorlud.

Particularly dramatic News to the Transfer of a large sum of Bitcoin on the exchange Huobi. A whale has accumulated in the last months of 94,000 BTC in an address battery and 8,000 BTC to the stock market pushed. To sell such large sums of money on an Exchange that is unusual, rather the Over-the-Counter transactions.

Finally, the volume of trade since mid-March, constantly on the Fall. Without a real volume of trade, whales can manipulate the course better – which, as we have seen, also happened. With the Dump, the volume is increased again, in principle, on all Exchanges:

Interesting in this Relation is to consider, on which Exchanges the volume of trade in connection with the current Drop is increased:

Even if the volume of trade increase in all the observed stock exchanges, especially Bitfinex. In contrast, Bit-x and hitbtc have lost in relative trading volume. Bitfinex is the Liaison with the Tether. Tether itself is considered by various critics as a sword of Damocles hanging over Bitcoin – BTC-ECHO has also reported about it. Here, further data are missing to go to the closer to the bottom. But certainly, it is also useful to monitor the volume on this and other exchanges. Soon could be, as above considered, Huobi interesting.

What’s next for the Bitcoin course?

Price forecasts are never one hundred percent sure. What is striking in each case is that the current Dump left the course under the since February, followed the Triangle Pattern to fall:

Although it is yet to be seen whether it is today or tomorrow a dramatic Rebound, but currently we can say that the price of Bitcoin has left the since February existing Triangle Pattern negative.

What does this mean in the long term for the Bitcoin course? Lower trend lines will probably be in the next time tested, first of all the Minima from the beginning of April and from the beginning of March.

In February, I have also written about the possibility of a prolonged winter. The course is technically this. If you complete the course in the weekly chart with the moving average over 200 weeks of comparing, we are still under the same:

More still: The RSI is strong and the MACD slipped into Negative territory. So you hate to hear it: It is reminiscent of the time after 2014.

A falling Bitcoin price is not the end!

However, as was pointed out in the linked article and in a later: Bitcoin lives not only from the current rate! The Vision of a decentralised money system is still up to date. The Lightning Network is taking shape – until Recently, there was a further Atomic Swap between Litecoin and Bitcoin. New projects such as EOS have started (with all the associated difficulties) your Mainnet now. Overall, the crypto-currency sector is more exciting than ever!

And the most Important thing is: crypto-currencies work! So exciting to Trade and long-term Investments are so very the also plays a role, it is time that the phrases HODL and BTFD make up our Community, but we have to start Bitcoin and other crypto-currencies really take advantage of!

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