The cost of BTC failed to provide a leverage over the $ 7,700 mark and if the dominant cryptocurrency fails to bounce quickly, a further decline may be expected. But why does
Bitcoin fall and continue to fall below $ 7500?
The price of BTC ha struggled to reverse the one-month downward trend since early May.
If the upward movement of bitcoin fades, predictions are it could be a decline to the $6,000 region.
The adjustment rally of $ 7,040 to $ 7,700 seemed optimistic, especially among short-term bulls that predicted that the bitcoin price would be back to $ 10,000 in June.
A $ 8,000 short-term breakthrough, helped by the $ 7,040 correction , was conditional as it required BTC's volume to rise and the cryptocurrency rate to continue to exceed its weekly peak.
Due to its low volume of trading, BTC has not achieved significant support for short-term $ 8,000 support and so dropped to $ 7,600.
The decline to $ 7,500 may lead to a further minor correction of BTC, potentially to the price of $ 6,000 or even lower.
Despite the negative trend of BTC's prices, most hedge funds of several billion dollars are still very optimistic for BTC and the entire cryprocurrency market.
The expected decline in BTC's price is five to 10 percent maximum decline, which can reach up to 15 percent at its worst.