Bitcoin Forum

On June 24 the price of bitcoin dipped down 7 percent to a low of $2512 USD after remaining relatively stable at $2680-2700 for the past few days.

Bitcoin’s Price Drops 10 Percent Against the Dollar

As bitcoin maintained the $2700 average, a few bitcoin traders were probably getting bored because the price didn’t show much movement. However, bitcoin’s value fell against the U.S. dollar five solid legs down starting at 10 am EST on Saturday. After taking a steep drop and coming close to going below the sub $2500 range the price of bitcoin bounced back a leg up to $2585 but has since been consolidating around the $2530 territory.

https://news.bitcoin.com/wp-content/uploads/2017/06/19496472_1887922078138798_148550529_o.jpg

Bitcoin trade volume has been lower which is typical on the weekends hovering at $979 million in 24-hour volume at the time of writing. Market dominance for BTC has been holding steady at 39 percent due to lower ethereum prices. The price per ethereum after last week’s ETH market flash crash has been holding just above the $300 range. As of right now both bitcoin and ethereum markets are experiencing a bearish sell-off and are trying to find a solid floor.

Looking at the 24-hour charts, the 100 Simple Moving Average (SMA) and the longer term 200 SMA have crossed hairs, and the 100 SMA is now a touch below the 200 trendline. The retreating price hasn’t found channel support just yet, but it looks like we may be sitting at least above the $2500 territory for a few hours. Relative Strength Index is heading down confirming the current seller’s market, and stochastic indicators also show bearish sentiment which will likely continue for a bit. Day traders will find easy scalps and breaks during these times as the price should show some profit taking shake-ups.

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I would say $3000 is becoming increasingly difficult to reach

Maybe if had a very good news could push the price for  $3000

It would be wrong to say that the trend is downwards. After dropping to $25xx, the price recovered to cross $2600.
This kind of movement is nothing compared to the volatility that Bitcoin has exhibited in the past.

Point is that logically, and justifiably, we shouldn't be at current levels as there is nothing that has changed fundamentally. In that regard, it's more than normal that the market isn't able to hold its position too long if we go over the $2700 level. In order to allow the market to move past the $3000 level, we definitely need the Segwit2x activation to become reality. As long as that isn't the case, people will constantly think about what might happen if we proceed with the UASF as was the initial plan. It's no secret that certain miners aren't looking forward to that.

I wouldn't say that it is a downward trend. For the past 6-7 days, the exchange rate was languishing in the $2,500-$2,700 range. Now it has broken the lower limit of this range, to trade at $2,480-$2,490 per coin. But the good news is that the alts are crashing even more. Has anyone checked the Ethereum exchange rates? Please do if you haven't yet. The exchange rates have crashed by 13% during the past 24 hours.

Yes, its getting difficult really. Right now the price is at sub $2500 now so we are getting farther from it. I think we may be seeing more of it in the next couple of days, until July 1 when Australia will join the bitcoin scene. I'm very optimistic that the price could reach ATH again because of this positive news.