The factors that push Bitcoin to decline Below 6500 USD ?

 

After a meteoric rise in value in the past 30 days, the bitcoin price has endured a major correction as it dropped from $7,500 to $6,550.

Today, Bitcoin continue the correction of his price started on Friday, at price time bitcoin is  around 6308 USD, the total marketcap of crypto currency record another pullback from 21 BLN to 20 BLN , also the Bitcoin dominace fall from 62 % 52.4% according to Coinmarketcap,

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Image from coinmarketcap

Bitcoin Cash record a huge raise up into the price, into just 2 days this alternative crypto currency of bitcoin raise with 50% of profit for investors , The classic crypto currency like litecoin and ethereum have also record some profit today for investors, Litecoin raise from 54 USD to 62 USD, ethereum raise from 287 USD to 317 USD in 3 days .

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Altcoins market , data from coinmarketcap 

What are the factors that push Bitcoin to record this Pullback :

1- The canceling of the activation of the Segwit hardfork by the signatures of the Newyork agreement :

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A huge number of investors made investment into bitcoin before 1 month to get free Bitcoin Segwit, but after the canceling of the activation of the segwit hardfork investors sold their bitcoin to move into others market to make profit, another indicator Bitcoin has face before 1 week ago a risistance level around 7500 USD, but it’s has not break this risistance level, because there is a lot of sellers .

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A bearish movement start and the price start to decline, Traders understand that Bitcoin will not continue the uptrend movement , what push them to sell at the level of 7000 USD to 7500 USD and they have move to others crypto market his scenario is confirmed because the bitcoin dominance of Bitcoin fall from 62 % 52.4% .

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2-Russia and China make a new restriction on the bitcoin industry in this two country and they plan to launch their own crypto currency as an alternative to bitcoin , because they don’t control bitcoin but they will take control on this two crypto currency,

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Read also :

Bitcoin price decline below 6500 usd today , why ?

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