Are the Bulls Done with Bitcoin for the Week?
The crypto bulls have held onto Bitcoin for the last few days, creating a volatile, active trading environment, but indicators say they might be finished.
Bitcoin (BTC) could experience a double digit price drop if the bulls are tired of it for now. The coin is down 2.24% for the day already, having dropped to $51,179 (BTC/USD). Trade volume is still high, at 46% over the last 24 hours, but that could drop quickly as well.
A 10% dip would take the Bitcoin price down to about $47,511. Dropping below the $50,000 level could be psychologically important to traders who will see that as the point that they sell.
In the middle of January, the Bitcoin price was stabler and stayed around the $42,000-$43,000 level for a while. We probably will not see a drop back down to that level, as Bitcoin has proven to be vital these past few weeks. If the coin does drop that low, however, it will struggle to make its way back up to the $50,000 level again.
All Out of Steam?
The bullish breakout that Bitcoin enjoyed recently looks to be losing its momentum. Investors are hoping that the dip does not last long and the coin rallies, where it could go up to $53,000. We do not expect major gains from Bitcoin this week, since it is already higher than it has been in over a year. The healthy upward trend this coin has experienced lately could keep it above a critical level, but it has not been enough to keep it from losing this week’s gains already.
Bitcoin is facing off against Ethereum (ETH), its next highest ranked crypto rival, which is also down today. However, Ethereum has had a much better week, gaining 6%. If the traders are shifting over to Ethereum instead, Bitcoin may be left in the dust for a couple of days.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals