Last week was a turning point for the price of Bitcoin, as it dropped sharply by almost $100. And we can’t expect a rapid recovery of the price soon.

Dogecoin’s price has declined for two months already. A small rebound is not strong enough to change the downtrend. Moreover, while most cryptocurrencies fall, buyers pay attention to DOGE least of all.

Because of the hack of the Bitfinex exchange on August 2, all cryptocurrencies this week fell. Litecoin’s price fell to the lowest level of the month, but a day later it began recovering as did the other cryptocurrencies.

Yesterday, all trading on the cryptocurrency exchange Bitfinex was stopped, money withdrawal and digital deposits were also frozen.

This week the Ethereum price is testing new lows every day. The reasons for the general decline of all cryptocurrencies and problems in the Ethereum network.

By the end of the weekend, Bitcoin’s price slightly collapsed to $624. This may be the beginning of a long downtrend if buyers stay passive while sellers are taking the initiative into their hands.

Last week the cryptocurrency markets had no dramatic volatility or movements to please crypto traders. Investors were in no hurry to take risks and invest in bitcoin or altcoins. Temporarily, a slight equilibrium was established between buyers and sellers.

One feature of Bitcoin, especially this week, is that the price of this coin holds on at the same level for quite a long time. But when the price finally changes, the question arises: why did it change? What factors increasingly impact BTC price: market or technology?

Altcoins are now in pent-up demand. The long absence of purchases and a small drop in prices, says that as soon as possible the price growth of the most popular altcoins should start again.