Bitcoin (BTC) Price Falls to New Lows, Crypto Market Records $8 Billion Loss (So Far)
The current price of Bitcoin is currently $3415, with 24 hour volume leveling around 6.2 billion USD.
Bitcoin’s price has fallen by, roughly, 4% in the last 24 hours, wiping off another 7 billion USD from the total market cap of crypto. The volume increase that occurred in accordance with the most recent dump, validates our market assessment from last week.
We did not want to increase our crypto exposure last week due to the inability for bulls to push $BTC above 4k.
In our opinion, support between $3330-$3400 is the last major line of defense before 2018 lows are broken. We do believe that more downside will ensue and that the current bear market has yet to reach its low.
This is why we will still be employing our DCA strategy as more downside continues. We will, of course, buy $BTC below 3k. The prospects of buying $BTC at prices sub 3k could become a generational opportunity in the coming years.
Our current sentiment leads us to believe that support at $3k will be beaten. We will be buyers in the $2600-$2900 region. This is the zone just under the peak of the sell-off caused by the China FUD from September 2017 (see chart below).
We will keep you posted as price action develops in the coming days.