The bitcoin price went below the support line of $4K again, showing that the bear market is still in full force. Despite this, there were several interesting developments in the market. The two resulting currencies from the Bitcoin Cash Hard Fork suffered strange pumps during the day. However, they are now dumping hard, with losses in double digits.
Bitcoin Price Again Below $4K
The Bitcoin price has again taken a turn for the worst, shedding more than 6% and losing most of what it earned yesterday. Yesterday’s gains were classified by some traders as a correction. That means that the bear market was not over yet. And the numbers of today shows that they were right.
As in most cases, bitcoin prices dragged the whole cryptocurrency market down. Bitcoin Cash and BitcoinSV are dumping the gains that they achieved earlier.
Basically, the market has been moving down consistently, and it is expected to keep doing so. Bitpay CEO Sonny Singh thinks that bitcoin prices should be stable. This because there is nothing this year that can move the price up or down. So far that has not been true.
Hash Wars Finished, Pump Wars Started
But among this whole bearish panorama for the market, something that can be attributed to manipulations of the market happened. The two currencies that stater this whole downside trend with their hard fork pumped their prices enormously. Bitcoin Cash gained at a moment more than 25% in less than thirty minutes. Bitcoin SV, the other half of the fork, also pumped high.
These price movements are so irregular that can be attributed to some instability on the market, or the sign of some market manipulation by some interested party. However, able traders made some good benefit on this strange development, and are also currently from the subsequent dump.
The good news is that every day there is a new movement in the market, and that is good for the trading business. According to Arthur Hayes, volatility is good because it moves things. However, while there is a kind of consensus that the bear market will follow, the instability caused by the hard fork makes the market unpredictable.
The fact that two currencies pumped against the market direction seem to indicate that this behavior could repeat throughout the day and even in this week while all exchanges open their deposits and withdrawals of these two coins again.