Bitcoin rate fell below $3800

5 March, 2019

In the last 24 hours, the Bitcoin price dropped from $3,874 to $3,764 by 2.8 percent, leading major crypto assets such as Ethereum and EOS to lose well over 5 percent of their value against the U.S. dollar. The valuation of the crypto market fell by $4 billion from $130 billion to $126 billion, dropping to the $120 billion region for the first time since mid-February.

Earlier this month, one cryptocurrency analyst suggested that the longer Bitcoin remains in its tight range from $3,300 to $4,000, the higher the probability of the asset declining below key support levels gets. Since the start of the 15-month bear market in January 2018, Bitcoin has tended to record a large drop in value following an extended period of stability.

Since then, the price of Ethereum has dropped by 5 percent to $127 and is en2 route to testing a support level at $125. “Every subsequent reaction (bounce of range low) has a weaker follow through. I’d rather long the next level down at $125 than a beaten up support,” the trader said. Similarly, other major crypto assets such as EOS have dropped to their respective support levels, which could be crucial levels to defend in the days to come.

Although analysts remain optimistic in the mid-term price trend of crypto assets with potential catalysts like Bakkt and Fidelity on the horizon, in the near-term, analysts remain cautious on the price movements of the cryptocurrency market.


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