Happy days don’t last long. This New Year has proved to be a lucky time for the crypto industry like BTC and other cryptocurrencies after the long grips of the bear market last year. BTC, along with other cryptos, had been enjoying an upwards momentum since the past several months. But a break is predicted in the upwards movement by the market analysts.
In the recent past, the world’s largest crypto has gone down to 7k U.S Dollar mark. This downhill movement of BTC has raised several questions on the bullish trend it has been exhibiting from several weeks. There are predictions that the crypto may dip as low as the $5.4K mark. Further, there are chances of the bear market to take over again.
The Steadiness is due to raising in selling pressure:
In the past 24 hours, there has been a dip of 1 percent in the trading of the crypto. At the press time, the trading rate of BTC has been 7,730 U.S. Dollars. In the past 24 hours, it has dropped from the $8K mark.
If we look at the past seven days performance of BTC, we would find that there has been a fluctuating between the regions around 7k U.S. Dollars mark and slightly above 8K U.S. Dollars mark. There are predictions that this bracket may be the new trading region.
How low can Bitcoin go as per the market analysts:
Market experts say that there are chances that the crypto may face a major dip in the coming times and surrender to the bear market trends. A popular and an active crypto trader- Josh Rager has recently expressed on Twitter that as per him the rates of BTC may touch as low as 5.4K U.S. Dollars mark. He has also hinted at the coming bearish trends. In his tweet, he said that the lowest pullback area he predicts is .618 fib. Beyond this point, the bear market can be declared. He further added that-
Major confluence w/ previous support/resistance between $6109 and $6814. ( With Fib retracement one can gauge the extent to which the market can pull back in the upswing.)
$BTC Pullback Areas
The lowest I see Bitcoin pulling back is the .618 fib ($5404) as any lower would be bearish, IMO
Major confluence w/ previous support/resistance between $6109 to $6814
I'm personally watching for a bounce in this area with major interest near $6400 (VPVR) pic.twitter.com/WpvzOxdZzU
— Josh Rager 📈 (@Josh_Rager) June 6, 2019
At the press moment, BTC is at 0.236 Fib.
The probable buying support:
On the other hand, the market analyst thinks that the crypto will get important buying support at around 6.8K U.S Dollar region. Experts say that the crypto will get the major buying support at around 6.8 U.S. Dollars mark. As per a renowned economist- Alex, there is great importance of 6.8K U.S Dollars level. He is calling this point important because of the presence of many technical formations that make this point important.
It would be interesting to see where the world’s largest crypto will rest. The recent upwards thrusts that kept it afloat in the $7900-$8000 range was greatly rejoiced by everyone. But the predictions are scaring too. The next level of support is predicted at 7600-7435, 7200, 6800, 6400. 6800 is major, as per the economist. As per him
The moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.
At this point, it is a suspense point in the crypto market. The crypto rates are at the brim. Either they will dip low as predicted by the market analysts and may even go into bear market trends once again like the last year. Otherwise, it will continue its recent trends of soaring up higher and higher- continuing the bullish trends.
If we look at the current market performance of the world’s largest crypto-BTC, then at the press time, its rate is 8,005.02 U.S Dollars with a growth rate of 2.25 percent or 1.00000000 BTC with a growth rate of 0 percent. The market capitalization of BTC is 142,053,368,423 U.S Dollars or 17,745,525 BTC. IN the past 24 hours, the volume of the crypto has been 21,096,003,567 U.S Dollars or 2,639,813 BTC. Talking of the circulating supply of the crypto, it has been 17,745,525 BTC with the maximum supply of 21,000,000 BTC.