The price of Bitcoin has been on a gradual decline since the beginning of October 2017. The current Bitcoin price is $6,900, which is a significant drop from the all-time high of $19,891 on January 4th, 2017 at 9:35am. A lot of people may be upset or frustrated at this sudden fall, but the truth is, Bitcoin has taken a wild ride in the past few months; you’ve probably heard about all the ups and downs.
Over the last few days, Bitcoin has been on a good run, with its price rising up to $5,000. While the cryptocurrency is still up by roughly $1,000 from its October lows, it is now at a level not seen since early December. Some believe that Bitcoin has recovered enough to now be at a stage where it will be more stable in the future. Others think the current rise is short-term and will soon lead to a decline, similar to what happened in January.
Bitcoin has experienced an interesting ride in the last year. After falling to $3,500 at the end of 2016, the Bitcoin price shot up to $5,000 by the end of January 2017. The price then fell back to $3,000 by March, and has continued to drop from that point. Other currencies have also fallen in value, since the stock market fell with the Dow Jones Industrial Average. But should you panic? Not necessarily. First, Bitcoin is far from worthless, even if it’s on the brink of collapse. Second, there are ways to make money.. Read more about why crypto market is down today 2021 and let us know what you think.
Summary of the situation- Bitcoin climbed on Tuesday and again tested resistance around $36,000.
- After hovering around this level, bitcoin failed to break through due to a lack of momentum.
- According to the analysis, we may see bitcoin decline further after hitting the $36K mark.
Bitcoin growth has been weak in recent weeks and traders are tired of these unpredictable moves in BTC/USD. The overall market rose yesterday as BTC hit resistance around $36,000. There is speculation that if BTC/USD breaks this resistance, it will retest the higher levels to recapture them. However, this proved impossible for bitcoin.
The reason was that BTC had no momentum, and there is a good explanation for that. The market has slowed and volumes are below historical levels. The drop in the price of bitcoin last week caused many traders to stop trading and wait for specific moves to invest their money. BTC/USD is currently trading at $35K.
Bitcoin may fall if not kept stable
BTC has formed a rising trend line with support around $35,700 if you look at the hourly chart of BTC. This means that if BTC/USD cannot hold its value above this trend line support, we can expect lower values for BTC. The downward correction we could see will be below $35,500 and if this correction continues, we could end up below $34,000.
Source: View of the shop
The coin reached a high of $36.698 yesterday and the market began a rally before falling back when BTC failed to overcome resistance. Resistance is currently at $36K, $36.5K and $37.5K. If BTC/USD can overcome this resistance, we could see a new high around $38K. According to the technical analysis, we can see a major resistance around the 40K mark.Bitcoin has been on a rollercoaster these past few months, with the currency’s value rising to a high of about $20,000 USD/BTC in December. This was followed by a steep decline to the $6,000 USD/BTC level in February, after which it seemed as though the Bitcoin bear market had begun.. Read more about bitcoin price history and let us know what you think.
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