The price of the coin has approached an important level and may fall significantly below it. Over the past three years this has happened twice and both times led to a decrease in the value of the cryptocurrency by more than 50%
The price of bitcoin may fall to $6000 in the medium term, warned analyst of The newsbtc portal Yasha GOLA. According to him, this will happen if the exchange rate of the coin falls below the 50-week moving average, passing at the level of $8774.
As an argument, the expert cited two previous times when this happened with the price of BTC. For the first time in three years, it fell below the 50-week moving average in March 2018. For several months after that, the coin's exchange rate was in a downward trend and by the beginning of 2019, it had fallen to $3,200.
Then the price of the cryptocurrency fell below the 50-week moving average in March of this year. Following this, bitcoin fell from $8,500 to $3,800 within two days. History can repeat itself, and then the exchange rate of the coin will go to the consolidation zone formed between $6000-7000, GOLA summed up.
Reducing the cost of home digital coins also allow the analyst portal CoinDesk Omkar Godbole. He pointed out that the BTC rate has fallen below the trend line, which has been acting as a support for the past month. In this regard, it is possible that the price of the coin has entered a phase of decline.
At the moment, bitcoin is trading at $9180, and it has risen by 4.3% in 24 hours. Daily trading volume of the coin increased by 6% and reached $31.2 billion. The BTC market share is 65.9%.