Today, bitcoin experienced a massive selling volume which let to the price of bitcoin falling down to $3200 which is a yearly low for BTC.
With the price of bitcoin falling, other major altcoins such as ETH and BCH also fell sharply against USD and other fiat currencies.
The price of BCH has been falling massively over the past few days with more than 25% loss in just a week of time. BCH was trading around $115 last week and fell up to $87 today.
Crypto Winters
Major cryptocurrency market analysts are predicting that the current crypto winters may last for months and bitcoin may experience a significant price drop in the coming days. Bitcoin price can fall up to $1500 as being predicted. Trading right now is quite risky as the market is quite volatile at the moment. Bitcoin was trying to recover back above $3400 from the past few days and even experienced a bullish run on 9th of December. But the bulls could not face the robust bears for long and the price started a downfall thereafter. The major price downfall happened today when the price crashed down from over $3450 to $3200 in just a few hours.
Technical indicators:
Support level: $3200
Resistance Level:$3300
Bitcoin is currently trying to recover from today’s massive selling and may settle somewhere around $3300 before crashing again. The major resistance level is now set around $3300 and the support level is around $3200. Once the current support is broken, bitcoin may fall down to the next support around $3000 before falling beneath that. However, the next long-term major support low lies at around $2500 and bitcoin may crash down to this level if the $3000 support is broken.
Bitcoin may not be able to move above $4000 at least for a month or so. Bitcoin is currently settled between $3000 and $4000 range from the past few weeks. Large venture capital firms that were planning to come into the cryptocurrency market have now started to back out looking at the market situation.
The following article is not a financial advice. Readers are advised to do their own research and analysis before making any investments in any digital asset such as bitcoin.
