In the past 24 hours, as the price of Bitcoin fell to $3,500, the valuation of the encryption market fell slightly from $224 billion to $219 billion.
Earlier, traders said that bitcoin prices fell below the $3,500 mark and could test key support levels below $3,000.
Where will the cryptocurrency market go?
On Sunday, with the advent of crypto assets such as Ethereum, Bitcoin Cash, and EOS, the encryption market showed unexpected small adjustments.
DonAlt, a cryptocurrency trader, said it is possible for the dominant cryptocurrency to fall to the $3,400 mark in the short term.
He said: “Completely responding to the trend line. $3,500 has been supported three times. If it is hit again, I expect it will break. Finally I am close to the level of $3,400 that I may trade again. Until then, they remain completely Hedging.”
Bitcoin prices continue to fall below the $3,000 area, which may lead to a downward trend in major crypto assets.
On the same day, Ethereum fell more than 6% against the US dollar, falling below Ripple, and Ripple became the world’s third-largest cryptocurrency.
Hsaka, a cryptocurrency technology analyst, said that a 3% drop in bitcoin prices could cause bitcoin values to fall further, but is unlikely to cause the asset to test its 12-month low of $3,122.
Analysts said, “Yesterday’s sell-off rebound analysis staged a good show. Before rebounding to the support level of $3,430. Go out of this consolidation low (green dotted line). Neutral here, do not short HTF support. Replenish me The BTC bears the ADA and BCH.”
Low price volatility
In the past few weeks, analysts like Willy Woo predicted that the bear market will continue into the first two quarters of 2019.
On January 2nd, a cryptocurrency researcher named “he Crypto Dog” said that although the cryptocurrency market is close to bottoming out, in the short term, there will be no new high rebound in the market.
The researchers said: “The BTC has basically bottomed out (and may even bottom out), but we won’t see a sharp rebound or hit a new high for a while, so it’s nothing to be excited about.”
Analysts generally believe that the cryptocurrency market will usher in a boring year in 2019 in terms of trading activity and volatility. Although the cryptocurrency market showed relatively high volatility in January, the price of most crypto assets, including Bitcoin, is still in a narrow range, unable to break through key resistance levels, and cannot fall below important support levels. .