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.
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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