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bitgrail-696×449

Stefan by Stefan
04/12/2018
in Bitcoin News
Reading Time: 2 mins read
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Bitcoin Manages To Bounce, eth, btc, price, market
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According to the latest bitcoin news and updates, following the past 12 hour period, the Bitcoin price recovered dramatically jumping from $3,700 to $4,033.

Yesterday, on December 3, Bitcoin was facing a serious drop threat below the support level of $4,000 and many believed that if the price decline happens below the support level, Bitcoin could drop below $3,500.

Though the recovery is unexpected, Bitcoin managed to avoid the potential large drop to the lower $3,300 range despite its momentum being severely weak at $3,800. All of the technical indicators showed that a large price drop was likely possible but somehow BTC experienced a rather unexpected recovery.

However, given the low volume of Bitcoin standing somewhere around $.3 billion and the overall negative atmosphere on the market, an upward movement above $5,000 is highly unlikely.

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Despite Bitcoin’s ability to rebound from the fall, other big major cryptocurrencies such as Bitcoin Cash had a hard time maintaining a momentum in the low price range. Bitcoin Cash declined by more than 6 percent in the past 24 hours and by more than 30 percent in the past seven days.

The situation in the market isn’t really the best place for everyone on it. ICO projects are also downsizing with Steem firing more than 70 percent of its workers and now ConsenSys is planning to do the same.

Miners are also having a lot of trouble with the cost of mining getting close to $3,000 and are having a hard time running their businesses.

If we take a look historically, when the mining business and the crypto projects start to downsize, the market reaches a step closer to the bottom and prepares to initiate an accumulation phase.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: $312 hours700AnalysisBitcoinBTCfromoverpastpriceRecovers
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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