Crypto News

Bitcoin price remains at $10 000, analysts warn of repeating dump of 2018

22 August, the BTC price is testing the support level of $10,000, the largest cryptocurrency fluctuates between 4 and 5 digits.

Coin360 data showedthat BTC/USD several times the last 24 hours crossing the mark of $10 000. At the moment this pair is kept at the level of $10 000; during the night it was trading in the corridor between $9800 and $10 250.

It is unclear whether the generates around $10 000 now support or resistance, the recent fluctuations follow a bearish market where BTC/USD fell to current levels from levels close to $11 000.

When this barrier was rejected, traders started to get nervous. The closure of the intraday trading at above $10200 was necessary to preserve the prospects for growth, and this bitcoin to achieve failed.

Popular Crypto analyst for The Panda on Wednesday, pessimistic stated that bitcoin faced with the collapse similar to the events of November 2018. At that time, BTC/USD hit a low of $3100.

Another renowned analyst, PlanB, noted that the difficulty of mining, which serves as the indicator of the amount of computing power needed to validate transactions of bitcoin, necessarily reaches the lower limit, before the price starts to rise. This pattern was evident after last year’s price collapse. “The complexity of mining 100% marks the beginning of a new bull market”, – concluded the analyst.

Weekly profits of traders remains at almost 5%, while monthly losses remain at the level of 1%, approx. However, profit for the period of three months remains a respectable – 30%.

As for alcinov, then they had a rare chance to consolidate. August 22 – an interesting day for the markets altcoins, one of the few, when the majority of tokens is less volatile than bitcoin.

In the current market downturn means that many traders avoided losses inherent in bitcoin. The largest by market capitalization althin, the Ethereum, fell 1%, compared with 1.7% of bitcoin.

XRP and Litecoin (LTC), also showed better in comparison with bitcoins, results, and price action Bitcoin Cash (BCH) and SV (BSV) is comparable to that of bitcoin.

The total market capitalization remained at $260 billion, the share of bitcoin virtually unchanged from Wednesday, accounting for 68.8 per cent.

Source:coinspot.io
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