Cryptocurrency market in recent days has faced one of the strongest drops in recent years. For the first time this year the BTC was below $5000, fly down and altcoins.
One of the reasons for the collapse of the bitcoin exchange rate is reduced Hasrat network and a common complication of the process of mining. The result is a vicious circle: the fall of cryptocurrency that makes mining less profitable, resulting in more and more miners will abandon their classes, thereby reducing Hasrat network, which certainly will be followed by a subsidence of the course and new lows.
However, the growing popularity of cryptocurrency, the legalization of them in several countries and the beginning of regulation of the cryptocurrency sector is encouraging and creating the preconditions for a new leap.
The collapse becomes obvious, if you look at the weekly chart. The bears managed to break through the resistance line of $6,000, which turn to dust of bullish attempts to counterattack, and now, for this week, bears are likely to reap the fruits of their victories, building on the success in the direction of $4500 and $3000.
Not much different situation on the daily chart. Clearly visible bearish candle and has broken the support line. The current situation, especially after yesterday’s losses, it becomes almost obvious: ahead of the new fall. Rotate the bitcoin market in the opposite direction can only pinning the bulls above $5800 and, more importantly, $6000.
