In the latest Bitcoin news, the most dominant cryptocurrency has dropped again and this time fell to $4,270, losing about 6% of its value. The total market cap also suffered from a $6 billion decrease and now has $137 billion in circulation according to data from CoinMarketCap.
Bitcoin has reached a new weekly low on fiat-to-crypto exchanges such as Coinbase, Kraken and Bitstamp, and has dropped by 21% in total against the US dollar over the past few weeks. Similar to Bitcoin’s strength from August to November despite the intense sell-off, bears are struggling to bring BTC below the $4,000 support level.
Right now, analysts believe that if Bitcoin continues to defend the $4,000 level in the weeks to come, it is possible for BTC to end the year with a positive sentiment, possibly around $6,000 which is now the major resistance level for the dominant cryptocurrency this year.
However, an alarming trend is that the prices of cryptocurrencies are dropping by relatively large margins with low daily volumes. For example, the daily volume of BTC is averaging around $5 billion which also suggests that BTC has fallen by more than 3.5% over the past day without significant sell pressure from bears.
Aside from Bitcoin, Ethereum has also dropped by more than 8% over the past 24 hours, with a high volume of $2 billion and now trading at $120. Throughout the last six months, ETH rarely experienced a surge in its volume over the $1 billion mark, which is an indicator of an increasing sell pressure from individual sellers and ICOs.
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“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance,” he wrote on Twitter.https://twitter.com/CryptoFib/status/1173407775965233152 The trader also elaborated on a potential Bitcoin breakout. He leaned to the low side, suggesting a wick down below $9,000 which would not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of. Could it wick down to 8500? Sure it could, but too many people are looking at that area and calling it,” he said.Other traders also suggested that a big move could be coming Bitcoin's way very soon. Right now, the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week. On the low side, a fall to $10,000 is where the first support zone for BTC lies. Just like DC Forecasts, many other best cryptocurrency news sites reported about something big potentially coming this week.
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