Mark Dow, who is a trader known for shorting Bitcoin (BTC) from its all-time high at $19,500 to $3,500 is in the latest digital currency news. As he said, the most dominant currency could be in trouble if it does not escape the $5,000 to $6,000 range in the short term.
Dow was popular earlier this month for exiting his short position on Bitcoin and thinks that the asset needs to break out of major resistance level but the failure to do so could result in a further decline in value. Even though some traders are positive that the short-term trend of Bitcoin can increase, everyone can agree that crypto is in a bear market.
Despite the fact that the market added $26 billion going from $100 billion to $126 billion this month, it still needs to surge by at least 65% in order to reach the November levels. As Dow shared on Twitter:
Still a beautiful chart. If bitcoin can't bounce to at least 5k-6k soon, it's a really bad sign for the cyberbulls. And if it breaks down thru the yellow line at any point, even the HODLers need to GTFO. $BTC $XBT pic.twitter.com/FqqyzE1mhb
— Dow (@mark_dow) December 27, 2018
Right now the total volume of the market is around $15 billion and is down $5 billion from last week. During the Christmas Eve, the trading peaked but as the year approaches, the volume of the market is obviously going to drop.
Bitcoin remains below the $3,800 mark and other major crypto assets such as Ethereum (ETH) and Bitcoin Cash (BCH) are all at risk of recording large losses against the dollar, not to mention that they already lost a couple of percents on the day.
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