Bitcoin and the whole cryptomarket are experiencing a new wave of correction. BTC loses over the last day more than 7% and dropped below the round 8K. At this level, the coin may attract customer support, but growing trading volume along with a price decline may indicate a more significant potential for bears. The previous large-scale growth waves created a request for a corrective pullback, so, for now, the market dynamics are far from panic and are unlikely to be wide, whereas for many market participants such corrections can be an excellent opportunity to enter the market at a more attractive price.
In the crypto community, it is believed that the dump may be related to the actions of the whales. Therefore, in general, everyone continues to adhere to bullish views on Bitcoin prospects, associating the current correction with technical factors and short-term speculations.
The FxPro Analyst Team
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