Bitcoin drops below $57k in 2 months

The Bitcoin price has gone below 57K US dollars for the first time in the last two months. Now people are worried about its next movement because some of them are expecting the price to go further down which can be around 50K and some people are expecting it to recover and again go back to 65K. The current price is almost in the mid-range of both price marks and there is the reason why this dip has happened in the market.

src

The above price chart is interesting where you can see two pieces of news in green colour at the place where the Red Bar is visible on the price. The first event is that the German government has moved thousands of BTC which can be one of the reaons for the price drop since it is expected that they are selling it.

The other region can be the repayment announcement by Mount Gox and it is expected to happen in July month so this is the reason why this drop is seen since a lot of people would be selling. Although there is no clarity that these are the only two reasons for the price there can be some others as well.

Looking at the broader picture there is nothing to worry about this time because this is not the first time we have seen it in the market and certainly this is not the last because we will continue to see such moments in the market and there is nothing to get surprised or to worry about. It is an opportunity for the long-term holders to accumulate more and be ready for a better price which will surely happen later.

Thank you so much for stopping by and if you like my content, please vote and share your thoughts in the comments section.

10% beneficiary to Tron-fan-club