As previously suggested on the 6th the price of Bitcoin fell to a the first major support level and is now beginning to rise again towards the previous high. Will this level be tested again soon? Possibly.
The dip in price is due to an issue with Bitcoin miners directing their hashing power to support BCH – Bitcoin Cash. As Bitcoin shed some of its recent gains, BCH gained over 100% becoming the second most expensive currency after Bitcoin.
There are a few critics who believe that Bitcoin will drop well below 6,000 USD if the community keeps on splitting over ideas and developments.
It’s entirely possible that Bitcoin Cash might take over the lead someday as the main currency. Yet Bitcoin is still king and its wave of popularity is now well in motion.
As bigger investors and investment funds start buying and hedging Bitcoins, the currency will most likely keep rising despite its technological challenges.
Here is a look at our D1 chart analysis from 6 days ago which seems to be playing out at the moment.
