The exchange rate of bitcoin may fall sharply and rapidly if the mark of$ 7500 will not stand
The summer lull cryptocurrency continues. Total market capitalization is as of June 8, $342 billion Over the past 24 hours reference Bitcoin (BTC) loses about one percent and is trading around $7,600. The altcoins market is also showing sluggish momentum.
Analytical resources put forward different theories of possible growth: overcoming technical BTC resistance at $7,780, which will open the way cryptocurrency is above $8,000, up to cyclic “theory of the 6-th day of each month”, in which BTC is prone to reversal every 6 months.
According to technical analysis, if the price falls below the previous low at $7,080, it will be a signal to a sharp drop in the following days. Triangle on the chart, which suggests that narrowing price band, and hence the reduced time.
Bitcoin exchange rate under davleniem bear background
Emerging news concerning scriptually speak in favor of the “bearish scenario”. Crypto community scares the forthcoming launch of Ethereum on the PoS that practically will leave behind small enthusiasts that bottom currency at home. Mass start of ASIC devices for zcash for and other coins will drop off the card on another chip, which will lead to a massive redrawing of the secondary market and the significant decrease of the shares of Nvidia and AMD. The transition to PoS will also be another step in the centralization of the cryptocurrencies, as 90% of the number of members of the network will lose the opportunity to earn on the air.
It is difficult to expect any positive impulses for the market in the short term. Tough decisions SEC can create a very bearish signal for institutional investors, which, combined with pessimism in the community that the transition to new algorithms and the depreciation of the equipment can lead to the second stage of the glacial period, which “MOP up” smaller enthusiast and will give more centralized cryptocurrency market into the hands of the system of big capital.