Over the past 24 hours, the Bitcoin news section of our website showed that the most dominant cryptocurrency managed to retrace its value and go from $4,000 to $4,500, rising 12% in what many saw as a last attempt to recover from the downward trend.
After two weeks of massive selling action, Bitcoin surged as much as 7% initially – establishing an intraday high of $4,645. Later on, the price consolidated above $4,500 which is where it still stands.
As experts say, the chances of a further bull correction are slim – mostly because of the trading activity at BitMEX. The derivatives platform currently dominates the Bitcoin trading volume and has so far processed around $5.3 billion worth of trades. In short, the action shows that traders are willing to short their Bitcoins in the future markets which could lead to an extension of the current downward trend.
As Bitcoin consolidates, many believe that it could test the $5,000 level in a new recovery. Similarly, a bounce back from the support could also lead Bitcoin to the $4,000 price margin or easily below it. However, the $65 billion that was wiped from the crypto market certainly allowed Bitcoin to take a beating – and as we said – any chances of a recovery are slim now.
As always, our advice is to trade safely and monitor the price action on our DC Forecasts Bitcoin news site!
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
Bitcoin Reaches A New Yearly Low At $3,200, Downward Trend Continues
“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected. “Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote. So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen. Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
Analysis: Interest In Crypto Rises With More Than 55 Million Users In 2018 Alone
“Combining public data and survey findings, we estimate that the total number of user accounts at service providers amounts to at least 139 million in late 2018.’’Active and verified users have increased seven times than two years ago. Last year the number of crypto users was 18 million, in 2016 there were only 5 million. The report notes:
“Using a combination of verified user data and the average share of ID-verified accounts described above, we also estimate there are currently at least 35 million ID-verified users globally.”There has also been an increase in the number of active users has also increased which in 2016 was about 35%, it rose to 36% and this year reached 38% active users. Despite the bear market, there is an even bigger increase in the number of crypto service providers that add support for multiple cryptocurrencies. Even cryptocurrency exchanges support multiple coins which make up to 89% of all the exchanges but also wallet providers decided to add multi-coin support up to 90%:
“Wallets with multi-coin support surged from 46% in 2017 to 90% in 2018, with 60% of wallets currently supporting more than 3 cryptoassets as opposed to only 10% in 2017.’’
Altcoins Consolidating Above The Yearly Lows, Bitcoin Follows The Recovery Path
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