Following this week, the price of major cryptocurrency Bitcoin [BTC] has spiked from $3,209 USD to $3,542.81 USD, which is 1.43% higher than yesterday. At the same time, the crypto market further added $11 Bln to its valuation, avoiding a further drop below the $100 Bln Mark, that may have been crucial for the short-run trend of the market.
Top 10 major cryptocurrencies together with Ethereum [ETH] and Bitcoin Cash [BCH] are able to rebound from low double digits, as technical indicators began to demonstrated serious overselling issues.
But, traders and technical analysts stay cautious towards this short-run worth trend of cryptocurrencies until major resistance levels are broken.
Since early Dec., the worth of Bitcoin [BTC] has incessantly fallen from the mid-$4,000 USD mark, still struggling to follow its momentum and show any sign of stability.
In line with DonAlt, a crypto technical analyst, stated that until Bitcoin [BTC] breaks out of the $3,700 USD resistance benchmark, it’ll stay in an exceedingly tight position between the $3,300 USD to $3,600 USD price range, unable to start any exceedingly major add-on movement.
Explaining further, the analyst ‘said‘:
As Alex Krüger, an economic expert and a crypto trader, recently emphasised, Bitcoin [BTC] is in a considerable higher position to enter an accumulation section and a consolidation period as it’s been able to minimize its loss throughout many steep market sell-offs.
However, when compared to Ethereum [ETH] and Bitcoin Cash [BCH], Bitcoin has maintained its price fairly well given the intensity of the market crash throughout the past 2 months.
ETH and BCH have recorded around 93% and 95% losses against the USD, while BTC would need to drop additional 72% lower from its present worth to experience a similar drop of such kind.
Adding further Kruger explained:
This Ongoing Downfall And Crypto-Market Trend
Several analysts have reaffirmed that as long as the dominant crypto’s remain below $3,700 USD and struggles to demonstrate a significant break, the market is in danger of dropping to an additional yearly low.
Previously, the crypto market has taken around sixty seven weeks on the average to get over a correction and achieve a new all-time high.
While positive developments like the Nasdaq, Bakkt, and New York Stock Exchange [NYSE] futures markets are also expected to launch within the Q1 of 2019, it may simply take till the Q2 of next year for the crypto market starts its recovery.
A proper bottom has not yet been achieved by Bitcoin [BTC] and alternative major cryptocurrencies, as they haven’t shown any ‘signs‘ of a major corrective rally.