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Bitcoin sees new 2019!

Bitcoin sees new 2019!

January 16, 2019 5:50 am,

Markets are still sliding down after a weekend in red. Bitcoin hit a new 2019 low, trading at $3552, as other cryptocurrencies are facing moderate losses. BTC has lost another 2 percent in 24 hours, with its price barely reaching $3600. Although some predicted major market movements due to the recent activation of long dormant BTC wallets, the major coin has spent a weekend mostly in red. The weakness in the short term price trend of BTC led the market to demonstrate volatility on the downside. More than $5 billion was wiped out of the crypto market and other major asstes like ETH recorded a 6 percent drop.

Generally, both analysts and traders expect BTC to fall to the low $3000 in that days to come. Some have suggested that a strong buy all below the $3000 mark may allow the dominant cryptocurrency to recover, implying that a 10 percent fall remains a possibility. 

In the short term, a crypto technical analyst said that BTC could test the $3430 support level first. Depending on the movement of the asset at $3430 the asset could initiate a corrective rally or continue a steep drop to low $3000.

In the last 12 hours, the daily volume of the cryptocurrency market has recovered from around $13 billion to $16 billion by 23%. The volume of BTC has increased from $4 billion to $5.1 billion, demonstrating a fairly large jump in trading activity in a short period of time. The resistance in the $3400 to $3500 range may prevent an abrupt fall by a large margin in the upcoming days. When the volume of BTC was hovering at just over $4 billion, analysts expressed concerns in regard to the lack of sell pressure on the market. Often if the price of an asset falls substantially on the day, the volume spikes as sell orders are filed across major exchanges. However, BTC recorded a 3% drop with low volume, essentially free falling without high sell pressure.

Ripple has a very active week in the crypto space, with the XRP product announcing the commencement of multiple partnerships as well as giving an overall outlook of the past year. XRP is trying to recover from the bearish trudge and continuing sideways price movement. The crypto immediate support has fallen to $0.32, while immediate resistance is holding at $0.388. The recent downtrend brought XRP’s price down from $0.38 to $0.33.

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