Bitcoin Price Analysis on October 23: the Strong Fall to $7,900

Bitcoin Price Analysis and Market Capitalization Drop

Bitcoin`s chart has been in the small horizontal section in motion for a month, however, it should be mentioned that a tapering triangle began to form through the peaks, the exit from which is expected in the nearest future.

Yesterday a decrease lowered the course to the bottom of this triangle — to a critical level of $8,000. However, now it is not possible to predict the growth or further fall of the coin. It is necessary to closely monitor the market to understand, which bitcoin trend, highly likely, will be formed soon.

The total market capitalization has decreased by $7 billion, and now it is $216 billion. The trading volume almost hasn`t increased, although a significant fall of bitcoin was observed, which had to provoke stop orders. The dominance of the coin also remained unchanged, and it is 66.5%.

Altcoins Reaction to Bitcoin Fall on October 23

The fall of bitcoin had a substantial impact on the entire market, thus, only 20 coins were able to grow. The leader among them was BAT with an increase of 6,7%. This number is insignificant as for the best-growing coin.

V Systems showed the most substantial decrease (10%). As a result, its capitalization fell below $100 million. As you remember, this coin was in Top-30 in early August, but now V Systems is on the 49th line.

Neironix does not forecast bitcoin. If you need fresh forecasts of the rate, consult a specialist.