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In the last 48 hours, the volume of the cryptographic market has dropped from $ 15 billion to $ 13 billion since the price of Bitcoin has fallen below the value of $ 3,600.
Analysts have begun to worry about the decline in the volume of digital assets and the potential scenario of cryptocurrencies that are reduced without significant selling pressure from bears.
$ 3,000 are inevitable for Bitcoin?
Cryptographic operators generally expect a weak year with low volatility, at least until cryptocurrencies escape the last phase of a 12-month bear market and begin a period of strong accumulation.
In the short term, however, many traders predict most cryptocurrencies, including Bitcoins that test key support levels in a low price range.
A cryptocurrency dealer Josh Rager he wrote:
As the volume continues to fall slowly, Bitcoin could see more side steps This could last for days or weeks until a decline in buyers, who currently hold the market, at these levels. Nice support below $ 3,000 with many buyers waiting for it.
Currently, following an intense January 11 sell-off, the scrambled market is showing stability in the range of $ 122 to $ 124 billion.
But the combined valuation of all cryptocurrencies in the global market has fallen by nearly $ 100 billion since November 2017 and the asset class is struggling to show signs of a reversal of trend.
Considering the lack of momentum in cryptocurrencies and the inability of the dominant digital resources such as Bitcoin and Ethereum to overcome significant levels of resistance, a technical analyst of cryptocurrency DonAlt suggested that 2019 could turn out to be a boring and not very volatile year.
"I've been relatively inactive this year – for a reason – there's been a lot to trade in. I would not be surprised if he's behaving this way, boring, unstable and frustrating to swap. the worst thing you can do is to force the exchanges when your system does not give you, "said the analyst.
While Bitcoin is approaching the low $ 3,000 region, similar to its corrective rally in mid-December, it may launch a relatively strong recovery triggered by large purchases on major cryptocurrency-fiat exchanges such as Coinbase and Bitstamp.
How about other cryptocurrencies?
If Bitcoin continues to fall below $ 3,500 and probably at its 12-month low at $ 3,122, cryptocurrencies with low market capitalization and daily volumes are expected to experience intense downward price movements both towards Bitcoin and towards the US dollar.
Digital activities that have shown strong price fluctuations in recent weeks due to product launches and protocol updates, including TRON and Ethereum, have already started to decline, influenced by the negative sentiment surrounding the short-term market trend of criptovalute.
The price movement of Bitcoin, until the January 11th correction, was seen as a positive short-term break above $ 4,000. But, based on last week's sell-off intensity, it will likely have a minimal impact on the performance of the asset class in the coming weeks.
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