The slumps are continuing in the market, while the global cryptocurrency market cap has declined all the way down to $261 billion. Bitcoin valuation has dropped over $114.9 billion in the past three months, leading to almost three-fourths of the amount to decline in the global market cap since the beginning of the year.
With the massive bearish pull running in the market, Bitcoin fell to its month’s lowest price at $6,600 today, serving as its the worth first quarter. After Bitcoin’s pullback from the decline on February 6th to $6,200, it had been maintaining a resistance at $8,500, until today’s 8% drop rate. Since Bitcoin is dominating the market value by 45%, this drop has affected the market adversely.
A steady decline of 15% was noticed since yesterday with prices dropping from $8,000 to today’s initial price at $7,480. According to historical data, few experts suggest that Bitcoin dips below $6,615 are only short-lived, after which, the prices will rise again. They suggest a recovery up to $7,200 soon. Although, Bitcoin shows a sluggish decline of 2% in the past hour as seen at press time.
The 50-day MA is at $9,369 and the 200-day MA is seen at $9,336. Experts suggest the death cross to occur in the next two days, cutting down the chances of the bear reversal. They believe a significant bull run to occur only after it breaks its resistance at $9,200.
Almost all major currencies including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin has suffered more than 19% drop over the week. Among these, BTC, ETH, XRP, and BCH have hit their all-time 2018 low today.
Despite the instability, major influencers have been constantly asking people to HODL and wait for the bull run.
Bill Barhydt, CEO of Abra says:
“Once a large sizable chunk of Western institutional money starts to come in — watch out”
Tom Lee, Co-Founder of Fundstrat says:
“Long-time holders are worried because they have big gains and they’re worried about falling prices. But bitcoin is a great store value. It works really well. It’s kind of boring, because it’s not the latest and most exciting project. But it also is one of the most liquid ways to get exposure to crypto”
Brian Kelly, a trader from CNBC Fast Money says:
“Bitcoin, just like the spot FX markets, follows technicals closely, therefore these support levels gain more importance. If these levels hold, then it will confirm the uptrend from August is still valid.”