Bitcoin Price Slips Below Crucial $6,800 Support Level

The worst does not appear to be over for the bitcoin price, as the flagship cryptocurrency on Tuesday slipped below $6,800, a mark that many analysts had pegged as a critical support level for BTC’s short-term prospects

Yesterday, CCN reported that the volume of BTC and the rest of the crypto market have dropped substantially since late July, by more than 30 percent. Given the failed recovery of Bitcoin’s volume and the overly strong downtrend of the crypto market, CCN reported that the price of Bitcoin will likely drop to mid-$6,000.

Many investors and analysts have attributed to the sudden decline in the price of BTC on August 8 to the decision of the US Securities and Exchange Commission (SEC) to delay the approval of the Bitcoin exchange-traded fund (ETF) of VanEck and SolidX.

Under normal circumstances, most analysts would have claimed that the delay of the VanEck-SolidX Bitcoin ETF was expected and the foreseen decision of the SEC to delay the approval of the VanEck SolidX Bitcoin ETF is simply not enough to trigger such a steep fall in the valuation of the crypto market.

It is also plausible that the decision of the SEC coincided with a large sell-off in the over-the-counter (OTC) market, which experts believe it to be at least two to three-fold larger than the cryptocurrency exchange market.

Lastly, another possible scenario is that a large group of bears, who have intended to sell-off a large chunk of BTC over the past few days, found a reason to do so with the decision of the US SEC and initiated a short-term panic sell-off.