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The price of bitcoin (BTC) has declined further in the last 24 hours, with a decline of nearly 2% over the day. Cryptocurrency is currently at its lowest level since mid-December 2018.
Bitcoin price is the lowest since mid-December
Earlier this week Bitcoinist reported that Bitcoin 00 is in the unstable days ahead. As noted above, the key levels to watch during the week will be BTC / USD exchanges above US $ 3,500 and what will happen if the trend is closer to US $ 3,000.
The last 24 hours have seen cryptocurrency losing another 2% of its value, bringing it back to its lowest point since mid-December 2018.
Some traders like DonAlt (@CryptoDonAlt) have expressed they are also concerned that they will not continue to support $ 3,500 as well.
Closed under the support, does not look too pretty. The BTC must quickly recover the media, otherwise I expected it to conform to the previous levels. If these do not hold I look at 2900 ~
It should also be noted that institutional interest seems to come into play when breaking key support levels. As a result, a $ 3,000 defense defect could result in a sharp downward decline.
Closer to the bottom?
At the same time, Bitcoin transaction metrics start to reflect similar historical lows.
There seems to be more demand than supply at $ 3,000, although it remains to be seen whether this essential psychological support will hold to form a double bottom pattern, to the bulls' hope.
At the same time, the volume of trade in US dollars is also at its lowest level since May 2017. This is the point that marked a rise in power of the record of all times Bitcoin, of the order of 20 $ 000 in December 2018.
If you want the rewards to be cut in half, from 12.5 to 7.25 BTC, the "halving" in Bitcoin could soon come into play with the event within 15 months. Garrick Hileman, Head of Research at Blockchain, said:
Cryptocurrency markets are often very event-driven and, as the price of Bitcoin decreases by half, the price of Bitcoin will receive a boost from those who anticipate the upcoming downsizing of the new offering. In the months leading up to the last two regressions, we have seen a steady upward trend in the price of bitcoin, followed by an increase in power after the halving of the reward.
What do you think of the current price of Bitcoin? Do not hesitate to let us know in the comments below!
Images courtesy of TradingView
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