The collapse of the cryptocurrency market resumed after a short period of respite and $ 4,000 for BTC / USD may not be excluded at this stage. The BTC / USD pair fell by more than 15% today, hitting an intraday low of $ 4294, refreshing the new lows of 2018. At the time of writing this article, the pair traded at $ 4484.5, down 15.85% on the day. The coin lost a quarter of its value in a week and fell under the weekly SMA100 for the first time ever. From a long-term perspective, it focuses on SMA200 (weekly) at $ 3,143. This is a fundamental support that could be reached once $ 4,000 yield. On the upside, $ 5,000 remains the key resistance that needs to be eliminated to bring relief to the market and allow for an expanded recovery towards the aforementioned SMA100 to $ 5.825.
Bitcoin could hit $ 4000 during this week
This decline in Bitcoin cryptographic and legacy currencies is an unexplored territory and analysts believe that this phase will eliminate unrelated participants such as ICO projects and encrypted investment funds that have multiplied during the crypt boom while the bearish phase will probably continue for a long time period of time is high probability that the seasonal increase that usually happens at the end of the year may not come true this year. Such a situation will leave the market relatively stable as most of the participants will remain large-scale investors, financial institutions with substantial investments and plans on how to move in the future and loyalists with an understanding of how the market works and have stayed on. beginning that they would see a relatively stable market price action.
The SIX Stock Exchange in Switzerland will see the debut of the first encryption-based ETP this weekend and the flow of funds will post the debut of this instrument and how the market reacts to the debut of the ETF pending the US market will decide the level of support and the future direction in which the main crypt currencies advance. Similarly to Bitcoin, Ethereum also saw substantial losses hit an intraday low at $ 124.22 and has since rebounded and currently trades at $ 134.77, down 13.73% from the day. The cryptography market has now closed in a phase of bottomless decline, as an important part of the market made up of retail investors continues to raise funds for fear of losing investments and lack of sound ideas about the future of the cryptographic market.