The fall of the cryptocurrency market did stop yesterday. The Bitcoin (BTC) rate has fallen below $4,000. As a result, all prospective coins remain in the red zone.
The market dump has positively affected Bitcoin's (BTC) dominance rate, which has increased over the past week. The current index amounts to 64.4%.
Relevant data for Bitcoin is below.
Market Cap: $103 229 688 542
Volume (24h): $78 727 879 632
Change (24h): -23.09%
This data is relevant at press time.
BTC/USD: Has Bitcoin already reached the bottom?
The $3,600 level can be considered the bottom as there was huge buying volume here. However, the decline has amounted to around 25% in the past 24 hours, which could be considered one of the biggest dumps in the past few years.
Based on the daily chart, one can consider the current situation to be a market dump rather than the start of continued decline. It is important to pay attention to the closing daily candle.
If it closes with a long wick, there is every chance for Bitcoin (BTC) to return to $8,000 by the end of the current month. In addition, the main line of the Bollinger Band indicator is located at that level.
Bitcoin is trading at $5,350 at press time.