In the latest Bitcoin news, we have the most dominant cryptocurrency in a free falling mode again. Despite the rally yesterday, it seems like the price of Bitcoin has corrected and even lost more than 6% of its value.
Going down from $4,065 to $3,700, BTC reversed a corrective rally and proved that the steep downtrend is still present – and that yesterday’s rally was only an attempt to break outside of the yearly low.
The 17% increase in price over the previous 24 hours – up until yesterday evening – was good but not consistent. Right now, the cryptocurrency market is struggling to sustain any sort of momentum in an attempt to create a trend reversal. The sell pressure on major digital assets is increasing and the buying pressure is declining, leading both Bitcoin and Ethereum to drop by more than 40% over the past two weeks.
According to the prominent cryptocurrency trader Crypto Rand and his tweet from yesterday:
“Bitcoin failing to complete the bull flag and to hold the neckline of the IH&S. Lack of buy pressure and $3,800 range looking weak. Expecting more downside: $3,400 as first target.”
As we can see, this statement turned out to be true – confirming the free fall without a huge spike in volume. Speaking of which, the volume of BTC is decent at $6.5 billion and the volume of ETH is also relatively high, but the volume of other major cryptocurrencies is lower than the numbers from August and November – a period during which Bitcoin demonstrated its lowest level of volatility.
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“Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well. Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
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“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news. In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
Bitcoin Analysts Are Cautious As BTC Corrects Below $5,800
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