Bitcoin prices have dropped dramatically over the past 24 hours dipping well below the $7000 support level to current figures of $6188 across a number of exchanges.
As seen on graphs below, prices have been dropping sharply as the bulk of investors find Segwit tokens are a thing of the past. While Bitcoin has faced the brunt of the force, the majority of cryptocoins’ including Litecoin and Ethereum have all grown with Bitcoincash becoming the biggest mover growing well over 30% within 24 hours !
To conclude, prices are set to drop further below the $5500 support level if $6000 is broken within the next 48 hours. Currently the trend is clear with short term signals all pointing towards a bearish trend reemerging as market correction takes place. While the Segwit drama is over it seems that much of the Bitcoin invested is moving into other cryptocurrencies such as Bitcoincash which has enjoyed its biggest bull run, reaching prices of over $1300 at the time of writing. Whilst the liquidity has remained within the cryptocoin ecosystem, Bitcoin has suffered the largest loss as prices move to pre-bubble figures. In the long run we could see a return to the $4300 – $4500 range by the end of the year.
It is advised that holders currently sell 2-3% of their portfolio as chances of a short term retest of the $6000 boundary are highly likely. This makes for a valuable opportunity to purchase cheaper coins as big Bitcoin applications are planned for the future by the like’s of CME and other Bitcoin futures providers – as we reported earlier.
You can sell or buy Bitcoin at Nigeria’s leading exchange, NairaEX, at market premium rates and have your Bitcoin delivered within a matter of hours !
Disclaimer: the article does not constitute trading advice, as such BTC.NG or the author can no take responsibility for financial loss incurred during trading. Please trade responsibly remembering that losses can exceed deposits !