Bitcoin Price Flirts With Year's Bottom As Trading Volumes Approach 2018 Lows Amid Bear Market

Bitcoin Volumes Approach to Yearly Lows Amid Bear Market

Bitcoin volume continues to decrease marking yearly lows. Amid a bear market that took virtual currencies to the current $6,300 level, traders seem to be watching market movements from the sides.

Although today Bitcoin was traded around $6,400 after raising in just a few minutes from $6,300 that price action was unsustainable. Later, Bitcoin fell to $6,300 again.

At the moment of writing the article, Bitcoin is being traded around $6,335 dollars, according to CoinMarket Cap. In the last 24 hours, it has registered a slight increase of 1.21% on its price and has a market capitalization of almost $110 billion dollars.

Additionally, its trading volume is reaching yearly lows. As CoinMarketCap shows, it registers $2.99 billion dollars transacted in the last 24 hours.

With this market sentiment and a future that remains not clear, Bitcoin could see new year lows in the near future. At the same time, there are no technical indicators that suggest a trend reversal in a short period of time.

Edward Morra, a cryptocurrency technical analyst, explained about Bitcoin:

“Price finally climbed and closed above the 1h bullish EQ and POC, but also had a bearish SFP, stop below local lows are possibly to be taken as well. Upside is capped till $6,380 – $6,420 for now.”

In the top 10, only Stellar is operating negatively, losing 1.57% of its value in 24 hours. Although there are no important losers, all virtual currencies in the top 10 are registering no gains or very slight increases that range between 0% for Litecoin (LTC) and 1.11% for XRP.

Is not clear what can happen with Bitcoin in the coming hours and days since whales can define the direction of the market due to the low volume that is currently experiencing.

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Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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