Because of the fork of the BCH (bitcoin cash).
There are two groups that are facing: Bitcoin ABC and Bitcoin SV (Satoshi Vision).
Everyone defends their fork, and they threaten to sell all the bitcoin they have.
This created panic in the market and for that reason the prices have collapsed by 10-20% in the last days.
It is a war of billionaires, on the one hand Craig Wright (BTC SV) and on the other Jihan Wu (BTC ABC).
It does not have much interest but to be a war of egos that has a very hard impact on the cryptocurrency market.
Unfortunately, $ BTC has fallen by almost 13% over the last 24 hours at a price of $ 5550 (aggregate prices of currency market capital), with a 24-hour trading volume that rose to about 6, 5 billion. The support for 2018 around 6k broke and there was a panic sale.
This most recent movement for $ BTC seems to be a capitulation for the cryptographic markets, since almost 25 billion dollars have left space, approximately a 10% drop in the market.
The daily RSI has never been so low, for $ BTC, in recorded history.
When you study the bear market cycles, there is usually an instance in the closing of a bear market where a full-fledged capitulation occurs, similar to what we saw today. We are not yet ready to describe today's bearish price action as the final blow the bears launched in 2018 and move on, but it certainly feels gloomy enough to be considered this way.
We had positioned ourselves in the low 6k accumulating background alts,
Our initial analysis shows us the current price action around $ 5,400 to be a potential turning point for the market, but at this point it is safer to let the price consolidate at these levels before considering a re-entry.
We are more looking towards the price range of $ 4800-5000 for $ BTC as the area of interest.
As bleak as 2018 has been, it is important at times to ignore the graphics and price action to really focus on why this space exists and how much it has evolved in the last ten years. we trust in the longevity and profitability that the blockchain ecosystem will experience over the next five years. Now is the time to educate and improve ourselves to maximize our potential when a bull market, no doubt, returns to the cryptographic space.