Bitcoin exchange rate follows the fate of dotcom, the recovery will be long
Stock Markets Group – bitcoin exchange Rate today June 16, spent the day in trying to stabilize after last drawdown by almost 4% in 24 hours.
Mark 6 500$ still in range of crypto currencies, but the signals of graph indicates that the value of Bitcoin is still too vulnerable, and at any time, the asset may go even lower.
Other cryptocurrencies demonstrate the uncertain growth in the framework of a technical rebound. So the Bitcoin exchange rate Cash appreciated by 1.18% and is at a level of 852$ 725 capitalization of 14 billion dollars. Course Ripple grew by 0.24% and reached 0.53$ at market capitalization 21 065 billion. Ethereum grew by 2.25%, and amounted to 497$ in market capitalization 50 214 billion.
22:55 GMT., the main cryptocurrency platforms display these values of the rate BTC/USD:
Bitstamp – $ 6 507 (+1.74%)
Bitfinex – $ 506 6 (-0.6%)
Coinbase – $ 6 513 (+1.6%)
The Bitcoin market capitalization currently is $112 015 billion Total capitalization of the stock market 240 832 billion dollars.
What is the bitcoin exchange rate expected by the end of the month
Today on the chart, the cost of the most popular cryptocurrencies remains virtually motionless. Days alternated small rise and fall, but the fracture of the negative trends on the chart bitcoin/dollar yet.
On the contrary, the cryptocurrency is showing a slight increase, not the open price of the previous day after the auction, which is a negative technical signal.
Bitcoin price remains below the moving average, which has changed the angle dramatically down, and this signals the weakness of buyers and a reluctance to stabilize the situation.
Slow and fast line of Ichimoku parallel, and are under the cloud of the indicator, which indicates a steady decline in the future.
Thus, despite some positive for the cryptocurrency market, bitcoin is not able to reverse the trend in the coming weeks.
The growth rate of bitcoin is suspended and today is much more important to drop the cryptocurrency does not have got an avalanche until the completion of the period of “thin market”. Otherwise, we will be able to see the asset and on 5 000$ and 4 000$ and are much lower.
The month of June for the cryptocurrency market is the most difficult, and brought a new reason for the active sales of digital assets. We expect that by the end of the month, around 6 000$ us will be achieved.
The current drop in bitcoin exchange rate caused by a number of important reasons will end at the point which will determine the balance of power buyers and sellers. In our opinion, the current level of 6 500$ is not really suitable for this, which confirms erratic growth close to him.
Trading volumes in the market remain low, players still take money in Fiat and this trend will continue until the month of August, until the return of active players.
You also need to note that the noise raised by the predictors of rapid growth of exchange rate of bitcoin is due to the common fear of losses, and risk never to see the most popular cryptocurrency at the December peak values.
By the way, many supporters of bitcoin expensive, have reduced their forecasts to $ 15,000 per coin, but the mark is in our opinion too high and unlikely to be implemented this year.
As we wrote earlier, the current situation is very similar to the 1995-2001 the dot-com years, when the bubble burst and it took two years to stabilize the market. As an example, given this graph and current graph of bitcoin exchange rate for analysis.
Chart the collapse of the dot-com
Current schedule of course of Bitcoin
As you can see they are very similar, the current situation is developing in a similar scenario, and it does not involve a quick exit from the fall in the near future.
Market analyst cryptocurrency
Stock Markets Group™