Is Bitcoin Going to Lose Its 5-day Long Winning Streak as BTC Price Starts Day Out in the Red Zone?
On the weekend, the greens took charge. From $3,500, it went up to $3,980 on Bitstamp. It’s been four days that Bitcoin has been on an upward spike. However, today, it took a hit and went down from $3,976 the highest point of today to $3,872.
Bitcoin price 5-day chart, Source TradingView
At the time of writing, Bitcoin has been trading at $3,949 with 24-hours loss of 0.90 percent, according to the data provided by Coinmarketcap. The leading cryptocurrency is currently managing the daily trading volume of $8.57 billion which has taken a drop from $9.9 billion about two days back.
Today, the majority of the cryptocurrencies have turned red between the range of 2 to 6 percent, falling harder than Bitcoin which is the usual case with the crypto market as altcoins are still very much tied up with the flagship digital currency’s price movement.
Meanwhile, altcoins like Syscoin and Repo are today's winners with over 10 percent gains. But even mid-cap cryptocurrencies are losing their green game as prices start to fall in the broad market.
“We are still in a Strong Bear Market”
Bitcoin has failed to hit $4k this time and crypto trader, The Crypto Dog is not expecting the price rise as he said,
“Potential bull pennant. I'm not trying to fade it, but not in a leveraged position either. If we break down $3800 is the first major support and it may hold, but for now I'm just holding spot waiting for a long closer to $3720.”
Given the fact that Bitcoin’s exchange volume has taken a dip, another surge in crypto could be hard to come. The entire total market cap that has been at $30 billion, which has been the highest level since April 2018 has come down to $28.5 billion, at press time.
As Mati Greenspan, eToro’s senior analyst pointed out, during this last couple of days as Bitcoin price saw a rise, the google searches also picked up but “unlike crypto volumes, is nowhere near what it was during the November plunge.”
“For those who are in from the bottom it’s great because some of the coins like Litecoin have doubled, but we are still in a strong bear market… The big level isn’t until $5,000, which coincides with the 200-day moving average. If we get a strong break of that, that’s when things start to change,” shared Greenspan.
Although, Bitcoin investor with the pseudonym, Satoshi MBA, has shared, “One massive year long plus falling wedge and the breakout to end the bear market,” traders are not expecting a strong bull rally in the short term, however, they surely are predicting the crypto market to start the correction by the end of the second quarter of 2019 once Bitcoin hits its bottom in the first quarter of this year.