The latest Bitcoin news show that the price of BTC is quite vulnerable this month of January. After it retreated above the $4,000 mark with hopes by many that it would even rise to $5,000, Bitcoin (BTC) again proved its bearish momentum and fell down to $3,750 overnight.
The $300 fall happened in under 30 minutes, when Bitcoin was trading at $4,036 and immediately fell to $3,782. Later on, BTC dropped even more and wiped out nearly $10 billion in a 3-hour period.
Right now, the bearish momentum is strong with Bitcoin and this may be a sign that the most dominant cryptocurrency could stabilize at this margins before initiating a bull run, perhaps in a long time from now.
The current drop of more than 8% for Bitcoin has stopped as the BTC price corrected to $3,821 and is now suffering from a 5% drop. However, the market is in a major downward trend as most of the top 10 cryptocurrencies have fallen by more than 10%.
The market, which was valued at $137 billion yesterday, is now standing still at $127 billion. According to analysts, if this bearish trend continues, we might see Bitcoin (BTC) at the $3,000 level soon and the market could be anywhere short above $100 billion.
For more information, stay tuned to our latests news and analysis on DC Forecasts!
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post