The price of bitcoin is going down and it has crashed whole market. There is almost 10% decrease in price in last 24 hours and still going down. What is your opinion about this decline?? Will it be going more down towards 6000$ or it will stop at 7000$.
With such a price action, Bitcoin might as well touch $5900 before making any recovery. Bears are back in control of the market. Unless the Bitcoin crosses the $6800 threshold which is the new resistance, market is expected to struggle in bear phase. Altcoins are likely to suffer along with Bitcoin. But if Bitcoin falls below $5900, we are going to see some serious damage to altcoin market. Because market runs on trust, but as people are shifting from being a hodler to speculators/short term traders, people are losing trust and this can be serious for the market if it didn't revert it move towards bull cycle.