Red is all that we see in today’s Bitcoin news, and it seems like the rest of the market is following the downward trend. The new market pullback was influenced by Bitcoin, which declined to $4,030 recently, falling in terms of supply and in terms of market cap.
Currently, Bitcoin has a market cap of $70 billion and a daily trading volume that is above $5 billion which is not that solid considering the massive use of the cryptocurrency and the fact that it is the most dominant on the market.
Over the past 24 hours, the price of Bitcoin dropped by more than 5%, falling from $4,265 to the current $4,030 and demonstrating a solid decline. On cryptocurrency trading platforms like Coinbase and Bitstamp, BTC was dangerously close to dipping below the $4,000 support level.
Over the past two days, Bitcoin has shown some strength in this range, demonstrating the refusal of buyers to enable BTC to drop below key levels. According to many analysts, the price is stable “as long as the $4,000 level is kept alive.”
As one of the most notable cryptocurrency traders and analysts named “The Crypto Dog” recently stated:
$BTC low volume weekend stop hunt BS.
Tread carefully – this pump wasn't a "bullish" move. pic.twitter.com/e3OGYhIObh
— The Crypto Dog📈 (@TheCryptoDog) December 1, 2018
Currently, there is increasing regulatory pressure from the US Securities and Exchange Commission (SEC) and tokens could continue to see losses against both BTC and the US dollar, despite their large losses in the third quarter of 2018.
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