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After a long period of side trading, Bitcoin (BTC) has now fallen below its previously established support level of around $ 3,500. Today's dip seems to have allowed BTC to build support in the region of $ 3,400, but additional volatility could easily bring it down to $ 3,000, where cryptocurrency exerts significant buying pressure .
Analysts are clearly bearish after the recent price move by BTC, but they are also quick to point out that the important technical region that BTC must maintain above remains set at $ 3,000.
Bitcoin (BTC) falls after a period of stability
At the time of writing, Bitcoin (BTC) is down nearly 4 percent from its current price of $ 3,460. Throughout this week, Bitcoin has been trapped in an incredibly tight trading range of $ 3,550- $ 3,650, with significant purchase support at the old price level.
$ 3,500 has been a strong support in recent weeks, and BTC has rebounded every time its price has been in this region since January 13, when that price level was hit. However, every time BTC visited this $ 3,500, the resulting rebound weakened, making today's downturn a bit less surprising.
Mati Greenspan, Senior Market Analyst at eToro, told Business Insider about today's price fluctuations, pointing out that today's decline is insignificant in the long run, as long as BTC is able to stay within above $ 3,000.
"The cryptobadet movement is only a technical element today … It is not necessary to act excessively. Bitcoin continues to trade in the main support area between $ 3,000 and $ 3,500, in a wider range of $ 3,000 to $ 5,000 since November 2018, "said Greenspan.
Analyst: Bitcoin probably has more to give up before finding help
While Greenspan is firmly convinced that it is important in the long run to obtain cash above $ 3,000, and that price movements like those of today are just noise, other badysts have more vision. Bearish Bitcoin.
The crypto-winter continues while Bitcoin only trades a hair over its annual lows currently set at $ 3,200.
In a recent tweet by Alex Krüger, a popular economist who is mainly interested in cryptocurrencies, he said the record $ 3,500 Bitcoin support opened the door to further losses, and that selling pressure BTC had "shown no sign of exhaustion".
"There is absolutely nothing hypothetical, neither technically nor fundamentally, for Bitcoin and the main cryptographic badets. Bitcoin broke the support overnight and showed no signs of exhaustion. The graphics are decidedly bearish. Long = scalping against the trend, "he said, cautioning traders against long positions as they would" go against the trend ".
There is absolutely nothing bullish, neither technically nor fundamentally, for Bitcoin and the main cryptographic badets. Bitcoin broke the support overnight and showed no signs of exhaustion. The graphics are decidedly bearish. Long = scalping against the trend.
– Alex Krüger (@Crypto_Macro) January 28, 2019
Although, for the moment, Bitcoin has managed to stabilize above US $ 3,400, if buyers fail to generate significant buying pressure in the coming hours, it is likely that BTC will revisit and will eventually remain below its 2018 lows, which were set at around $ 3,200 by mid-December 2018.
Featured images of Shutterstock.
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