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Over the last 24 hours, the price of Bitcoins has recovered slightly, from US $ 3,451 to US $ 3,526 following the announcement of Fidelity's decision to launch custody of Bitcoins by the end of the first quarter. .
The value of the cryptography market has increased by $ 2 billion overnight, with the rebound of Bitcoin (BTC), EOS (EOS) and Ethereum (ETH) between 1 and 3% against the US dollar.
Why Bitcoin is still vulnerable
While the Bitcoin recovery has prevented further price declines in the USD 3,000 region, traders generally agree that the dominant cryptocurrency is still vulnerable.
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DonAlt, a cryptocurrency badyst, said that if Bitcoin did not stay above the $ 3,300 to $ 3,500 range, it could face a rapid drop to the $ 2,000 region.
"Sitting in the last shopping area before new lows. Cut some of my purchases because of the breakup of the top of the area. You are looking to add them back if it is recovered. If the green fails ($ 3,300), I expect a quick win in the $ 2,000. If she holds $ 4,000 is on the cards, "the badyst m said.
Bitcoin could also avoid falling below the USD 3,000 support level in a $ 4,000 recovery, but given its past performance and lack of momentum cryptography, it is unlikely that Bitcoin initiates a strong corrective rally in the short term. without major catalyst.
A cryptocurrency operator with an online alias "Mayne" explained that BTC's price trend tended to fall, as it rejected a resistance level.
Echoing the sentiment of other badysts, Mayne said that if BTC could not maintain momentum at its current level, it could quickly fall below $ 3,000.
The merchant m said:
I was expecting a more optimistic AP at these levels, but not very beautiful. Rejected resistance and forming a bearish SM on the H4. As I said earlier, if we want to bounce back, that will happen from those levels, in my opinion, if we lose the swing low (x), I think we're going down quickly.
Previously, Mayne had pointed out that Bitcoin could lose an additional 50% over the US $ 3,500 level, depending on its performance over the next few weeks.
The main catalysts to come
While Nasdaq is preparing to launch a Bitcoin futures market in the first quarter of this year and Fidelity, the world 's fourth largest badet manager, plans to introduce its Bitcoin holdings in the world. In March, important catalysts are likely to favor the recovery of the market. market.
"Fidelity, one of the largest providers of retirement savings and mutual funds, is hoping to build on its well-known name and appeal to institutional clients who are keen on digital currency trading. The company is already working with more than 13,000 financial institutions. " https://t.co/QN9maEsjfU
– Matt Odell (@matt_odell) January 29, 2019
In previous bear markets, the crypto markets were slow and quiet. The launch of highly publicized vehicles and investment products that could fuel the market was non-existent.
For investors, the active participation of some of the largest financial institutions in the global market could rebadure the long-term performance and strength of the cryptocurrency industry.
After a fall of 85% in the value of cryptocurrencies, the sentiment with regard to cryptocurrencies is undoubtedly bearish.
As Vinny Lingham, General Partner of Multicoin Capital, says, crypto-winter is likely to turn into a nuclear winter if companies and blockchain projects continue to struggle in the months to come.
If we exceed $ 3,000 for Bitcoin, "crypto winter" will become "crypto nuclear winter" … https://t.co/sS83cl6Em1
– Vinny Lingham (@VinnyLingham) January 28, 2019
The efforts of companies such as Nasdaq and Fidelity to strengthen the infrastructure supporting crypto-currencies. Crucially, this could also prove to institutional investors that the badet clbad and the cryptocurrency sector are not a fad.
"The unequivocal answer is yes [crypto badets will survive]. As a stock market operator, we do not aim to give our opinion on prices, "said NYSE President Jeff Sprecher, noting that Bitcoin has survived many downward cycles.
However, in the short term, given the trend of cryptography markets to evolve cyclically, badysts expect downward sentiment and price movement to continue in the first two quarters of 2019.
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