It has become painfully obvious all cryptocurrencies are going through a very rough period. This trend will not necessarily change anytime soon either, which is perhaps even more worrisome. Finding a solid explanation for the extended bearish market trend is not necessarily all that easy. It seems a lot of factors are at play here, although that doesn’t mean the current situation will not improve either.
The first major reason why the Bitcoin price has declined throughout 2018 is simply because the currency was overbought in the previous months. A major price uptrend began shaping up in late 2017 and early 2018. No financial market can rise by over $10,000 in mere months without returning to a more normal price level afterward. For Bitcoin, this trend has taken a very long time to reach a more normal BTC price, but it seems that level has now finally been reached.