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Friday, 16 November 17:16 (GMT -05:00)



Foreign exchange market

Near-Term Bitcoin Prospects


Bitcoin has been feverish and going up and down in value, and the entire crypto-market has been following the world's first and biggest cryptocurrency.
 
According to NordFX, today Bitcoin has already lost more than 2% of its value. Earlier to day, the coin traded around 6340 USD/BTC. Later on, the exchange rate improved up to 6486 USD/BTC to make the BTC market cap reach 111,7 billion dollars and make up for 52,6% of the entire crypto-market.
 
According to the CEO of WhitePark Capital, the fact of Bitcoin recovery proves that investors have still been interested in high-quality investments. It's interesting to note that Bitcoin has been going up in value for a few days up until recently. Over the period, it has gained over 8%. Still, there is a retracement going on right now.
 
However, everyone is no trying to figure out what's up next in the Bitcoin market? International experts don't dare make clear predictions. However, some of them name several pivot points. IF the coin drops below $6320, chances are the price will go even further down to $6000, and then to $5859 and $5755. Alternatively, if the coin rallies up to $6595, it's likely to test $7000 and even higher. Still, the bullish scenario is currently less probable than the bearish one.
 
International experts say that the increased volatility has to do with the SEC's uncertainty about Bitcoin ETFs. The decision is scheduled for September. The international community predicts this is going to be a historical decision for the entire market.

 

 

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