Bitcoin Stabilizes From The Steep Decline, No Major Recovery In Sight

Over the past 24 hours, the latest cryptocurrency news shows that the market has slightly rebounded by about $3 billion, going from $123 billion to $125 billion in terms of its market cap. Bitcoin (BTC) which is the most dominant cryptocurrency out there, has avoided a potential decline to the $3,600 region and managed to rebound to $3,850.

Even though BTC reached a daily low of $3,800, it rebounded by a small margin. Other major cryptocurrencies also recorded large losses against the US dollar over the past two days. Ethereum (ETH), Stellar (XLM) and Bitcoin Cash (BCH) were all among them, demonstrating losses in the range of 1.5 to 8 percent on the day.

Since November 29th, the Bitcoin Cash price has dropped from $200 to $142 by more than 29%. Even though the asset did not experience a major single-day drop, it continued to lose its value against Bitcoin and the US dollar.

The Bitcoin price, on the other hand, has struggled to show any sign of a major short-term reversal or a bullish run. According to “The Crypto Dog” who is a prominent technical analyst in the crypto space, a consolidation event following a strong move is likely to result in a continuation than reversal.

Following the November sell off into the low 3000s, $BTC has now carved out a clearly defined range between 3500 and 4500.

A consolidation event following a strong move is more likely to result in a continuation than reversal. That means currently the bears are in control. pic.twitter.com/mW55d0hfOv

— The Crypto Dog📈 (@TheCryptoDog) December 5, 2018

“It is my opinion that Bitcoin is in the final stages of this bear market. I expect the price to range between an absolute low of $2000 to an absolute high of $6,200 (more likely, $3000-5400) for a substantial period of time,” the analyst said, confirming that a several-month-long accumulation period may likely introduce Bitcoin to the bottom.