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Friday, 16 November 02:45 (GMT -05:00)



Foreign exchange market

Bitcoin Goes Down Before Another Rally?


The BTC exchange rate keeps on going down while being driven by a number of factors and circumstances. International experts say that the price of the world’s first and most popular cryptocurrency is currently going down just to gain some momentum later and skyrocket to new highs.
 
The downtrend from 7500 USD/BTC resumed over the weekend and has been in progress ever since. By early Tuesday, the exchange rate had already gone all the way down to 7200 USD/BTC, according to CoinMarketCap. At the same time, NordFX analysts report that over the past trading week, Bitcoin lost 15% of its market value.
 

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For the most part, the rally started as the result of several statements previously made by several central banks worldwide. At the same time, the U.S. Department of Justice started investigating the case related to manipulating cryptocurrency rates, including Bitcoin and some other altcoins. Also, the Indian government is currently considering the idea of taxing on cryptocurrency transactions to the amount of 18%. U.S. and Canadian financial regulators started fighting scam ICOs and suspicious monetary units. This has been going on within the scope of “Operation Cryptosweep”. Yet, there was another reason that pressed the BTC rate. The thing is that another CME Bitcoin futures contract expired on May 25th.
 
Further Downtrend or New Rally Ahead?
 
Some experts believe that Bitcoin may continue its way down to new local highs this week and even break above the 6000 USD/BTC psychological threshold. The sellers have set the closest targets around 7000 and 6500 USD/BTC, with 7000 USD/BTC being the key level of support at this point. If it fails to hold the ground, the next major levels of support will be around 6500/6000/5500 USD/BTC.

 

 

 

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