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Where IS Bitcoin Bound?

Dave Jackson Dave Jackson, Stockhouse
0 Comments| January 14, 2019


Click to enlarge

The Bitcoin (BTC) price might be down, but it isn’t ready to be counted out – at least not yet.
 
The world’s number-one cryptocurrency, beaten and battered by three major sell-offs within the past week that saw it sink as low as US$3,481, staged a moderate recovery earlier today, surfacing above US$3,793 at press time on Einstein Exchange.
 
But following a US$5 billion crypto drop, it looks like traders are finding weaknesses in BTC. On January 13th, the crypto market initiated an intense sell-off as BTC’s price fell below the US$3,500 mark. The weakness in the short-term price trend of BTC led the market to demonstrate volatility on the downside, followed by sharp but short swings for the fences that drive crypto prices up for brief periods of time.

 
CLICK BELOW FOR LIVE CRYPTOCURRENCY PRICE INDEXES:



In the last 12 hours, the daily volume of the cryptocurrency market has recovered by 23% from around US$13 billion to US$16 billion.
 
The volume of Bitcoin has increased from US$4 billion to US$5.1 billion, demonstrating a fairly large jump in trading activity in relatively a short period of time. The resistance in the US$3,400 to US$3,500 range may prevent an abrupt fall by a large margin in the upcoming days.
 
On January 13th, when the volume of Bitcoin was hovering at just over $4 billion, as analysts expressed concerns in regard to the lack of sell pressure on the market.


 
While cryptocurrencies are not likely to experience a large downward movement in the next 24 to 48 hours, the market still remains gloomy.
 
Often, if the price of an asset falls substantially on the day, the volume spikes as sell orders are filed across major cryptocurrency exchanges. However, on Sunday, Bitcoin recorded a 3% drop with low volume, essentially freefalling without significant sell-pressure.
 
The increased trading volume of the cryptocurrency market could alleviate some of the pressure major crypto assets have faced on the day.
 
And a head-turning report from CNN Business from earlier today details how some major financial analysts believe cryptocurrencies won't become a mainstream investment without the embrace of the US Securities and Exchange Commission (SEC).





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