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Bitcoin's price may be low, but it's not ready to be counted, at least not yet, anyway.
The top cryptocurrency, hit by three major sell-offs last week that reduced it to $ 3,481, staged a moderate recovery on Monday, bursting over $ 3,705 on Coinbase and other cryptographic exchanges.
The recovery was imitated in all cryptography markets, with the ripple price (XRP) up 2.4% against the US dollar and the price of ether above the index with a rise of 6, 4%.
The best return, however, came from tron, which jumped 11% while the cryptography project recovered from a weekend dive, caused by the criticism of a former BitTorrent employee, who is now launching a cryptographic token based on TRX.
It is not clear what triggered the rally, although CCN noted in previous analysis that an increase in the volume of trade could provide the short-term market with some encrypted support.
Is the bottom inside? Not yet.
In order for the bottom to be inserted, the volume of coins that change hands becomes stable, it is currently very irregular, synonymous with detoxification of the bear. (In this chart, I'm monitoring the volatility of the on-chain volume). pic.twitter.com/aVYI1Ortxh
– Willy Woo (@woonomic) January 14, 2019
However, analysts ranging from bears like Mark Dow to long-term bulls like Willy Woo have identified technical and fundamental weaknesses that could be a bad omen for the price of bitcoin, at least in the immediate future.
In particular, cryptocurrency is not the only asset class that attempts to recover from a weekend crash. The Dow Jones Industrial Average, which traded up to 230 points in pre-open futures markets, began to recover losses now that US President Donald Trump once again claimed that the United States and China are close to a commercial agreement.
Shutterstock foreground image. Price charts from TradingView.
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