The price of Bitcoin is presumably the most regularly explored character of the cryptocurrency market. The important question for many users is why the price of Bitcoin is declining? What are the reasons?
If you observe the market closely then you will find that the easiest answer to this problem is that there are more sellers than buyers Let’s look at what could be the reason that there are currently more sellers than buyers or why the price is going down
Bitcoin Price is declining
The price of Bitcoin has dropped for a precise time to a level that we noted on the 25th of October last time. On the same day, there was a huge jump from the $ 7,500 mark to a $10,500. Since then, the bitcoin price is gradually turning equatorial. The most effective sales were the last days. In just four days, Bitcoin lost $ 1,000 in value.
In just 2 days, the Bitcoin price dropped by almost 6.2% to nearly $ 500. The greed and anxiety index points to anxiety but according to the metric, this fear is limited.
Why is the Bitcoin price is dropping?
Well, the upcoming Bitcoin halving has now been considered into the price of BTC because that can indicate there can be no real bull run to follow awaiting May 2020. Volatility can move either way..increase or decrease tearing apart people’s trust in this digital asset when it moves to the south. As to who built this dump, maybe just impute it to the typical suspects whether it is correct or not…the whales, the manipulators.
There is nothing to fear, it is what is described in the bear market. Those who are selling Bitcoin maybe are missing out. As per the factual data on Bitcoin price.
22/11/2017 – $8250
22/11/2018 – $4360 and on 22/11/2019 the Bitcoin price is $7130. If you compare the price of 2018 then the current situation is good.
The sharp increase on 25 October is usually attributed to a speech by Chinese President Xi Jinping, in which he said that the country will open the doors for blockchain technology. It could well be that because of the information the sentiments of many traders moved through with them. Over the next few weeks, Bitcoin had registered that the Chinese government is giving little thought to traditional cryptocurrencies with its new blockchain approach. So the current sale may be an illustration of frustration. Moreover, not only the bull market supports the bull market but also the bear market. Rising fear points to further sales.
What’s Next?
Meantime, we are nearing the much-awaited Halving in May 2020. Analysts view this situation as the commencement of a longer sound uptrend. Litecoin also had a halving this year, and since then the price has been about 50% below. So whether it’s all about the whole assumptions, once again only future will tell this.