Is Crypto Market Bottoming Out? Bitcoin Shows Stability at $6,500

Earlier this week, the crypto market seemed to be initiating a strong corrective rally, as Bitcoin breezed past $6,500.

However, in the past 24 hours, the crypto market demonstrated a slight decline in value from $204 billion to $198 billion, as small market cap cryptocurrencies and tokens struggled to maintain momentum.

While the crypto market eventually recovered to $202 billion, the price movement of major cryptocurrencies on September 15 showed that the market is undergoing a bottoming out process, demonstrating volatility in the low price range.

Bottoming Out

As CCN reported, billionaire investor Mike Novogratz stated on September 14 that the crypto market has already reached a bottom at the $186 billion mark and is ready to initiate a new mid-term rally.

“This is the BGCI chart. I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we…