Bitcoin and the altcoin market as a whole have begun to give up. In the last 24 hours, Bitcoin (BTC) lost almost 4% to $7,600. It seems that market participants began to lose patience, as a result, the cryptocurrency market “lost” $10 billion a day.
Nevertheless, this episode of correction may be temporary, since quite recently (May 17) the bitcoin declined to the lower limit of $7K, however, it received massive support. So far there is no panic, and BTC trading volumes are stable at around $24 billion, however, in the case of the correction below $7K, the pressure of the bears can increase significantly. Short-term hype around the cryptocurrency market begins to fade away, triggering a cautious but unpleasant drawdown of the main cryptocurrencies.
It is possible that we are witnessing the delayed reaction of the cryptomarket to another postponement of the Bitcoin-ETF consideration or the negative is also associated with the movement on May 22 of 10,000 BTC from the wallet of the Huobi exchange.
The FxPro Analyst Team
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