The overall capitalization of the cryptocurrency market fell by about 6 billion dollars from 133 to 127 billion dollars, and the price of Bitcoin fell below 3800 dollars. At the time of this writing, bitcoin is trading around $ 3755 with signs of further losses. Although this week the price of Bitcoin was able to recover to 4200 dollars, before the bears pushed her again, because the price of Bitcoin could not exceed the main resistance around this zone.
Reduced trading volumes
Over the past few days, not only the price has fallen significantly, but also the volume of trade in bitcoins. Yesterday, at the beginning of the day, Bitcoin trading volume was about 7,25 billion dollars, which at the end of the day fell to 6,15 billion dollars. Also today, it fell even lower, to 5,6 billion dollars.
The general market conditions are rather bearish, because bitcoin is not able to break key resistances every time bulls start working. Immediately before the resistance level, the bears are pushing the price lower, which makes it almost impossible for bitcoins to grow higher. According to market analysts, Bitcoin will remain in a bearish trend for at least a couple of months before the bulls really take action. The price of bitcoin is likely to fall below 3000 dollars by the end of the year and may rise to 2500 or 2000 dollars in the next few months.
Bitcoin pricing analysis:
BTCUSD 24 hourly chart
Bitcoin is currently trading around $ 3755 at the time of writing. On the 24 hourly chart there is a main bearish trend line, formed with resistance at 3800 $. Bitcoin is likely to test basic support at about $ 3600, and if support is broken, the price may move to the next major support at about $ 3300. At the moment, the trend is rather bearish, and if sales pressure remains high, then Bitcoin may fall below $ 3000 until the end of the year.