The latest Bitcoin news show that the market recorded a loss of over $7 billion and its valuation dropped from $134 billion to $127 billion, mostly led by BTC’s downward trend and the price of Bitcoin declining below the $4,000 mark after surging to $4,100 and struggling to maintain the newly found momentum.
Bitcoin is now trading a little below $4,000. Last week, it achieved a new yearly low at $3,100 and a strong buy wall was created on the major exchanges Coinbase and Bitstamp. This was the time when existing investors saw a buying opportunity, leading to the current state of the market.
According to a popular analyst with the alias “Hsaka”, we are closer to a resistance level that can lead the price of Bitcoin to drop below $3,800. As he wrote:
“Expecting a bounce into a lower high off this white level. If $3,910 is retested as resistance, high odds that was the local top and we’ll begin unraveling soon. If this is heading down soon, I’d ideally want to see it reject off the $3,890 level. Otherwise, might just chop around on the weekend and break down on Monday.”
As Christmas nears, the crypto market is likely to see its volume drop which could lead to less intense buy walls as well as relieve a sell pressure on major assets.
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