At press time, the bitcoin price has fallen even further, and is now sitting at just over $6,100. That means bitcoin has dropped by over $300 since yesterday, and over $1,000 in about a week. The bull run that enthusiasts were allegedly seeing is now a thing of the past, and we are back in the bears’ control.
Technical analysts Edward Morra appreciates that people want to stay confident and optimistic about bitcoin and cryptocurrency, though he advises that over-optimism is a bad plan. He says that bitcoin and several major altcoins are still trapped in a downward trend, and people must be realistic and face the music before things get worse: