$BTC nosedive below $20,000 gets us back to the beginning of this summer, but the sentiment on the market is far from June's
With the plunge to $20,000, Bitcoin has entered an accumulation range formed back in June when the price of the first cryptocurrency consolidated in the $17,000-$20,000 range. With the help of retail investors who bet on the long-term reversal of the asset, we saw a bounce to $25,000.
Since BTC failed to deliver on the expectations of those who grabbed the asset at the average price of $18,000, we are less likely to see a repeat of this scenario if the coin drops back to the values we saw back in June.One way or another, Bitcoin's inability to reach new highs during the most recent rally does not mean that we will not see a spike in buying volume. At this time, BTC might enter a reversal for a different reason.
For now, Bitcoin's volatility returned to the extremely low level we saw between Aug. 21 and Aug. 25. The drop in volatility suggests that traders and investors are not yet ready to support the reversal of the first cryptocurrency.As expected, alternative cryptocurrencies are following Bitcoin and showing an absence of upwards momentum. Obviously, the main reason behind it is massive outflows from the market.
While the story most certainly fueled the plunge of the token's value, the main reason behind the drop is the situation on the market and Bitcoin's nosedive.
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