Last Friday, the crypto market underwent a fierce sell-off as the Bitcoin price fell below $ 3,600. Almost all major cryptocurrencies lost between 10 and 15 percent.
After a decline in the bitcoin exchange rate from $ 4,036 to $ 3,503, traders expect the cryptocurrency king to fall below key support levels in the low $ 3,000 region, possibly even below $ 3,300.
The crypto-winter is not over yet
In mid-December, many crypto investors once again showed an optimistic trend towards a short-term turnaround in Bitcoin and other key cryptocurrencies. As a result, the Bitcoin price rebounded from its 12-month low to $ 3,122.
From 17 to 20 December, the Bitcoin price rose from $ 3,181 to $ 4,172 within three days.
At the time, FX hedge fund CEO Su Zhu said many buy orders at major crypto exchanges like Coinbase and Bitstamp ranged from $ 3,200 to $ 3,300. Many investors started buying Bitcoin again at the lower end of this range.
Su Zhu said on December 13:
At 10% less than the current price ($ 3,300), Coinbase buy orders are now the largest since mid-2015. Similarly, Bitstamp.
The short-term rally Bitcoin experienced from 17 to 20 December was essentially a corrective rally. This was triggered by oversold market conditions.
DonAlt, a crypto investor and technical analyst, said after Bitcoin fell below $ 3,600, it is expected to decline to $ 3,350. The reason is that a support level of $ 3,600 was clearly broken.
“Clear break in support. If we re-test $ 3,700 over the weekend and fail to close up there, I expect $ 3,350. I'll probably close my hedge there, “said the dealer.
Low liquidity cryptocurrencies will underperform
The Bitcoin price dropped more than 10 percent within 48 hours. Other large cryptocurrencies, such as Ethereum, Bitcoin Cash and Ripple XRP, also declined by 10-15 percent against the US dollar.In addition, Ethereum was again displaced by Ripple XRP in the ranking of the largest cryptocurrencies for market capitalization from position 2. This is surprising as the price should be buoyed by the emergence of Hardfork Constantinople. Although the daily trading volume of Bitcoin and Ethereum remains relatively high, it fell to $ 15 billion for the market as a whole.
Sources: CCN, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/faellt-der-bitcoin-kurs-auf-3-000-usd-haendler-erwarten- Kurzzeitigen-abwaertstrend-auch-bei-ripple-xrp- ethereum-and-other-altcoins /
Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for entertainment and information purposes only. We are not an investment advisor and do not provide financial advice.
We can not review all articles posted on CoinNewsDesk.com. Please independently research and verify any information here before relying on it as fact. It's also important to do proper due diligence and analysis, including consulting a professional financial advisor. No content on Coin News Desk makes any recommendation to enter into any type of investment or engage in any investment strategy on this website.