In the latest Bitcoin news, we have a new plummet which now sets the Bitcoin price to a new yearly low – dropping below the $4,000 mark for the first time in 2018 according to analysts.
This price has also affected the market in general. Even though many indicators and analysts predicted that further losses awaited BTC over the weekend, the bearish forecasts were more than just a reality.
It all began when Bitcoin extended as high as $4,370 in the early morning hours – and the Bitcoin price spent the majority of the remainder of the day dropping. The gradual decline went to as low as $3,755 before BTC reached the new yearly low.
Now that Bitcoin showed that is unable to sustain the $4,000 level which many see as crucial in its future, many analysts set their eyes on $3,000 as the new price target for Bitcoin and the next crucial support level.
One of the analysts was the CEO of Genesis Capital, Michael Moro, who previously predicted that the Bitcoin price would find a bottom around ,000 before a new bullish run and a grind back into bull territory.
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Still, no one can know for certain about this – especially since the daily trading volume of Bitcoin has again increased to $5.26 billion over the past 24 hours.
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