The Bitcoin correction takes hold of the market in today’s trading. The Bitcoin went past support levels to approach the $7500 mark. With the Bitcoin’s decline, other digital coins soon followed with their own losses. With massive movement in the past few weeks, the losses are somewhat expected as their retracement.
Bitcoin Correction Makes It Slide Against the Dollar
The market pushed the bitcoin lower today as it suffered from some of the expected Bitcoin correction. The Bitcoin has lost 12% compared to 24 hours ago and 17% from recent highs of $9100. In the end, the Bitcoin settled slightly above the $7500 mark.
Retracement Expected Consequence of Bitcoin Correction
The recent drop of the Bitcoin could be attributed to the retracement of the bitcoin activity which pushed the Bitcoin 200% from December of 2018 to May of 2019. Analysts have wholly expected this retracement the past few weeks and remain unfazed with the recent losses.
The analysts are expecting a Bitcoin correction that will pull back the value by 20% to 30% and so far has only delivered half of that.
The Bitcoin Correction Coming From Multiple influences
The Bitcoin correction is a result of multiple factors putting pressure on the Bitcoin. On the technical side, the Bitcoin is being pressured by the recent strength and Bulls taking in their profits. The digital coin touched the recent high of $9100 before retreating to $7500 today. This is also a sign of the bullish investors taking a break from all the activity.
SEC to Sue Kik, Affecting Bitcoin
On the fundamental side, the Bitcoin is being pushed down by the recent actions taken by SEC against Kik. The SEC alleges that Kik sold securities while undergoing their initial coin offering in 2017. Even though, the action was not against the Bitcoin, investors put pressure broadly against the entireCrypto market whenever action is taken against any part of the crypto market.