Cryptocurrency

12/12/18 04:00 UTC-4

The state of the cryptocurrency market: Bitcoin rate trends

State of the digital currencies market and Bitcoin rate
State of the digital currencies market and Bitcoin rate

Over the past three days, the price of Bitcoin has shown strong volatilityVolatility
– is a financial term that means a statistical indicator of price change. In the cryptocurrency world, it is used by traders as an indicator for managing financial risks. That is, it is a measure of trade risk and as a financial analytical tool for gambling. Details
in the range of $ 3,200 to $ 3,600, as reported by the CCN news agency.

As you know, “digital gold” struggled to break out of the resistance level of $ 3,700. Technical analysts constantly mentioned this for several days in a row. But, today, December 12, the price of Bitcoin (BTC) fell by about three percent from $ 3,427 to $ 3,325, with a relatively small daily tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
volume of $ 4.7 billion. Recall that at the beginning of this month, the daily volume of BTC fluctuated within 6 billion dollars. The continuous drop in the price of BTC without an increase in trading volume shows that the demand for an asset on the stock-exchanges is also slowly falling.

 

Where Bitcoin and Cryptocurrency Market goes

Josh Olszewicz, a trader and technical analyst, better known for his online pseudonym "BrotoshiMoku", said that Bitcoin risks falling to $ 2,500 if it cannot support positive impulses in the short term.

There is also a chance that the asset will potentially surpass the resistance levels and enter the region of $ 4,000. As stated by BrotoshiMoku later, on December 11, on Twitter: "It’s still a long time to stabilize and it’s probably wrong to draw conclusions. But the situation has two development scenarios: entry into the range of $ 4,300, and another option is stabilization of the rate at $ 2,500, followed by recovery to $ 3,600".

Historically, Bitcoin has always tended to significantly fall in prices in the range from 80 to 85 percent, followed by recovery. Mike Novogratz, a billionaire investor and founder of Galaxy Digital, said that: "Bitcoin is at that stage of development when pessimism and fear dominate the market (...) in the short term, since public demand has declined and speculation about an asset has stabilized somewhat, the market can remain calm and stable for several months".

Nevertheless, he stressed that his company and his team are ready to wait until the next wave of recovery of investments, which, in his opinion, is inevitable.

The state of the cryptocurrency market today and the development trends of the Bitcoin rate are rather ambiguous. From a historical retrospective, it is noticeable that after the global collapse of the course, the price of "digital gold" always grew. But at the same time, it is also worth considering that the cost of Bitcoin has never dropped yet so fast.

Editor: Yulia Krasnaya

See also: "Member of the UK Parliament proposed to use cryptocurrency to pay taxes"

#bitcoin #cryptocurrency #traders #stock-exchange #development trends

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