The price of Bitcoin drop below 7000 USD, are we into another bitcoin Price correction ?

The price of bitcoin has just drop below $7,000 just a day after reaching a new all time high price  at $7,600 level.

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BTC/USD chart from bittrex 

This decline  represents a more than $400 decline on  today’s trading, according to data from the CoinDesk Bitcoin Price Index (BPI). As previously reported, prices jumped to an all-new high yesterday before starting to pull back as Monday’s trading got underway.

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The tumble below $7,000 began around 18:58 UTC, according to the BPI, with the market slipping as low as $6,948.57.

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At press time is trading at around $6,989.64, a decline of roughly 5.6 percent on the day.

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Image from coinmarketcap 

Broader market data indicates that the fall in the price of bitcoin stands in contrast with market developments for other cryptocurrencies.

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For example, per data from CoinMarketCap.com, the privacy-oriented cryptocurrency monero’s price is up more than 13 percent in the last 24 hours. Ethereum, the second-largest cryptocurrency by market capitalization, has risen roughly 2.5 percent during the past day of tradind, ripple raise today and gain 2.75% durring today trading, Neo also gain 2.06% raisn from 25.5 USD to 26.8 USD, also Dash post new gain today going up from 266 USD to 278 USD in today  trading, Zcash also post new profit for traders going from 221 USD to 230 USD , also Monero was the major earner of today trading raisen from 85 USD to 101 USD .

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This indicator pus me to think that Btc price will go into deep correction after that traders have cashout their profits from the last surge of the price of bitcoin from 3500 USD to 7600 USD, and now they are moving to altcoins to make also profits, also the last news from the arabic golf and the arrestation of some bitcoin investors into the arabic world, has push the demand on bitcoin to go down , because in such country bitcoin is used for money laundering, so when there is a control on bitcoin , the price always go down, so if you are now into bitcoin it will be wise to cashout your profit and to invest inot altcoins market leaders like litecoin and ethereum .

Read also :

The factors that push bitcoin-to-reach a new all time high price at 7600 usd

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