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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