Bitcoin Price Drops to $3,890 Testing the Major Barrier as Altcoins Goes Red too

Bitcoin has taken a hit and dropped below $4k with 24-hours loss of 1.80 percent on Coinmarketcap. On Bitstamp, it has been trading at $3,889, at the time of writing. Meanwhile, the daily trading volume has gone up from $9 billion on Saturday to the current $10.6 billion.

BTC price chart, Source: TradingView

This month Bitcoin has been stuck at $4k level but as the reds take it down, we might finally get to see the direction Bitcoin will go from here. As Mati Greenspan, senior analyst at eToro says in his “Crypto at a Crossroads” post, it all comes down to the “great” descending trendline of Bitcoin that has been looming over the market throughout the crypto winter that we have yet to break down.

Bitcoin is currently testing the major barrier, a strong move above which will mark the “definitive” end to the cold that the market has been anticipating in the form of sideways trading to the most of 2019 and hitting as low as $1,800. But a rejection here, Greenspan says could

“easily lead to another test of the lows at $3,000.”

While Bitcoin price is dropping, the number of nodes is at a rise going from 60k to 80k.

At Crossroads

Meanwhile, altcoins are also in the red in tandem with Bitcoin as total market cap slides below $140 billion to $137 billion.

Source: Coin360

Majority of the market is flashing red as top cryptos slide between the range of 1 to 4 percent while in the last few days lower tier cryptos have been seeing

“parabolic gains on low liquidity.”

Market analyst and trader, Benjamin Blunts shared updates on a few cryptocurrencies where for Cardano which saw a rise in the past couple of days, he is expecting it to go down to around $0.0558 before making a new high at $0.07 to tap the upper channel resistance.

As for Stellar (XLM), he says, it is “looking good” as a clear ABC pattern is forming. Meanwhile, BNB that rose over 15 percent yesterday is down over 4 percent today, trading at a key resistance level from where if it moves downward could go down to $11.

Currently, today’s highest gainer is WaykiChain with 5.35 percent gains and BAT with 4.32 percent gains while the biggest loser is Repo with over 27 percent losses followed by DigiByte with 14.52 percent losses.

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