Despite this unstable behavior, Bitcoin, the parent of all other altcoins, has managed to keep its leading position. In such a competitive market, a minor change in Bitcoin’s performance makes the cryptocurrency market very dynamic. A 'battle' between Bitcoin and its successors is an interesting one to follow.
Yesterday the market closed with a Bitcoin immediate support level of $6,108. Despite the low price, its performance could still be considered as better than the one of the altcoins. Breaking the $6,000 mark could enforce a risk aversion situation on the market. This would influence investors’ decisions to favor less-risky coins, like the Bitcoin.
Crypto analysts also predict that a close below $6,000 would put the focus back on the long-term bearish technical and boost odds of a drop toward $5,400.
Focusing on the next 24 hours only, if the price drops below $6,000, Coindesk predicts immediate support levels at $5,755 and $5,717. If the price increases, the immediate resistance level would be seen at $6,341 and $6,560.
Bitcoin price grew significantly within the short period from the end of 2017 to the beginning of 2018. Since Bitcoin’s peak in early 2018, market analysts reported plenty of movement in the coin's price since then. At the moment, the coin's price is even lower, with a market cap of approximately $6 million, while maintaining a negative price chart.
This ambitious project, developed by Satoshi Nakamoto, settled a next-generation invention into the present times. Designed to suit the needs of the fast-growing population, as well as to satisfy their digital transformation expectations, Bitcoin provided an easy and convenient way for people to manage any finance operations without the need for a central node.
The implementation of the Bitcoin network has completely reshaped some industries around the globe. By transferring a whole system into the world of technology, Bitcoin defines a decentralized ecosystem where any third-party intervention is prevented.
The idea and main purpose behind this cryptocurrency are to allow users to have the full control over their financial resources. Eliminating the intervention of a central bank, the Bitcoin was the first to support a digital platform where users connect directly. There they can exchange money for different services, store finances, and even profit by generating the blockchain system.