The latest Bitcoin news showed that the most dominant cryptocurrency is trading at lower points continuously since January 7th and its break below $4,000. In the latest news related to Bitcoin, we can see that the price dropped below the $4,600 mark as BTC lost another 10%.
This drop made a lot of people confused about the stance of Bitcoin and its future price movement. Some analysts also talked about the future of Bitcoin – agreeing that if a trend like this continues, BTC is likely heading towards $3,000.
As one prominent analyst known under the handle DonAlt said:
“Clean break of support. If we do retest $3,700 on the weekend and don’t manage to close above there I’m expecting $3,350. I’ll most likely close my hedge short there. This is the reason why you shouldn’t trust mismatched patterns – it’s an easy way to get rekt,”
As Bitcoin dropped by more than 10% in only 48 hours, other major cryptocurrencies recorded 15% falls against the dollar. Ethereum, which was expected to rise, was again overtaken by Ripple in anticipation of the hard fork on January 14th.
Even though the current daily volume of Bitcoin and Ethereum still remains high, the volume of the market is hovering at $15 billion, down $7 billion since January 10th.
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