About an hour ago, Bitcoin suddenly bounced after hitting a new low of $5825. The short pump that lasted only 30 minutes, let Bitcoin bounce from $5800 to $6200. With Bitcoin going up, other currencies followed. The overall market increased by 17 billion, from $235 billion to $252 billion.
Today, the bitcoin price firstly dipped below the $5,900 mark, after initially dipping below the $6,000 mark on June 23. With Bitcoin going down, the overall market cap slipped and decreased from $254 billion to $235 billion. Almost every cryptocurrency in the top 100 on CoinMarketCap showed deep red figures.
In February, Bitcoin also saw a big drop when it went from $8,000 to the lower end of $6,000, bottoming out at around $6,050. From there it went back up and even touched the 10k mark. On June 24, the Bitcoin drop continued to the higher end of the $5,000 region, reaching $5825 today. Bitcoin is entering the $5,000 region for the first time since early November. A very bearish sign.
Luckily, a sudden Bitcoin pump made the market rise again. As seen on the image below, Bitcoin has shot up over the past hour.
It has to be seen if the market can keep its current value in the next 24 hours or that a drop will drag the market down further. If going down, experts believe a drop to $5,000 in the upcoming days will be very likely. The price trend of Bitcoin has been nearly identical to the fall of BTC in 2014. In 2014, Bitcoin experienced an 80 percent correction from its all-time high.