December 14, after a big sale of "digital gold" in the amount of $ 3,400, the price of Bitcoin again dropped to a new annual minimum of $ 3,200, as reported by the CNN news agency.
As the cost of Bitcoin (BTC) declined, other large cryptocurrencies, including Ethereum (ETH), Stellar (XLM) and Bitcoin Cash (BCH), also suffered heavy losses against the US dollar. At the same time, BCH fell by more than 11 percent.
For the seven-day period, the price of Bitcoin Cash (BCH) has dropped from 116 to 89 dollars. This is more than 25 percent. It should also take into account the fall in prices (almost half the price) in the previous week.
Can the price of a Bitcoin rise?
Before the BTC cost fell by 4%, the cryptocurrency trader with the online pseudonym "The Crypto Dog" stated that today is a risky period for starting tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details on the short-term trend of the dominant cryptocurrency. This is due to the Bitcoin 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 low-price range.
After the last weak indicators of BTC, the trader stated: "BTC has the lowest position to close the year. Is there still a chance for a cryptocurrency recovery? Well, maybe there are chances. But I don't bet on it." – The Crypto Dog.
DonAlt, another famous technical analyst, repeated the same opinion and said: "(...) until the price of Bitcoin breaks out of the main resistance levels of $ 3,600 and $ 3,800, there is a significant risk to enter a long and unchanged position" – DonAlt.
Recall that over the past six months, the vast majority of basic cryptocurrencies and ERC20 tokens have fallen by 50–80 percent compared to BTC, which has fallen by almost 85 percent. Traders assume that as early as December 24, BTC can maintain a range of $ 3,000 to $ 4,000 for more than three weeks, if the asset does not start showing signs of a multi-month consolidation period and a high level of stability in low price frames.
Now, Bitcoin has fallen in price to $ 3,200 on almost all major exchanges. But several small exchangers still exchange currency at the rate of 3250 dollars.
Editor: Alyona Nabok