Bitcoin Price Fell Below $7000 In The Past 3 Days

Bitcoin Price Fell Below $7000 In The Past 3 Days

Over the past 72 hours, the bitcoin price has dropped by more than 8% from $7,500 to $6,890, despite some positive developments in the crypto market.

OTC Sell-Off

It is possible that the bitcoin slump was caused by the liquidation of large orders in the OTC market, rather than an abrupt switch in trend in the public cryptocurrency exchange market that cannot be tied to a certain event.

Market Manipulation

We can assume that the OTC market has substantially increased the volatility of the market with the liquidation of large buy and sell orders. In a period like this, the news is not affecting the cryptocurrency market and its valuation.

One more suggestion — exhausted bears. They let the bitcoin plunge by 21%.

What's next?

The bitcoin has scared its investors by flips like these many times. This time you shouldn't fear. We can see positive views of the crypto market and, by the way, the bitcoin-ETF approval is not as far as it seems.