Bitcoin Plummeted, Affecting the Entire Cryptocurrency Market?

Beginning in July, Bitcoin began to rebound. At around 1:30 am on July 18, bitcoin prices rose sharply, growing by more than 10% in an hour, and the bitcoin market value increased by $10 billion. And on July 25, the price rose to more than $8,400, an increase of nearly $2,000 compared to the price of $6,300 in early July. All the information get form the following btc price chart live)

This amazing growth rate has made many friends in the cryptocurrency community believe that the bear market is turning to the bull market, the market is about to reverse, and the bitcoin price will rise to the level of December last year, or even higher.

However, just as I mentioned in my earlier article that the pressure line of bitcoin is about $9,000. Only by breaking this point is it possible to increase further. Unfortunately, Bitcoin has not broken this pressure line.

Starting this week, the price of Bitcoin began to decline. The current price of Bitcoin is $7361.22, and the price has fallen by nearly $1,000 within a few days. Moreover, on August 1, 50,000 BTC burst, which caused great damage to the entire cryptocurrency market.

The plunging of Bitcoin has influenced some other currencies, such as ETH. Since the beginning of this week, the price of ETH has also dropped sharply. Of course, there are still many cryptocurrencies affected. ETH is just an example.