Bitcoin Technical Analysis: BTC/USD Still In Downtrend Until It Breaks This

BTC  USD Price Analysis

Bitcoin Technical Analysis: BTC/USD Still In Downtrend Until It Breaks This

The coin continued to decline during yesterday's morning session, falling to as low as $3,585.06, according to data from digital currency tracker Coinmarketcap. The California-based chipmaker has lost almost half its value since the start of October, 2018, as demand for its cryptocurrency mining chips collapsed and results in its gaming division disappointed.

The head of the trading department of Oanda Stephen Innes is convinced that a further decline of bitcoin to $3000 will lead to a significant increase in the price of gold.

This weekend's exodus has been a third wave of selling which has resulted in the loss of over $90 billion from crypto markets this month alone.

To make matters worse, at the time of writing, the price of BTC has slid further to $3,695.91. This has also decreased any possible chances of BTC price recovery that might happen in the future.

The cryptocurrency space is a volatile one but the year-long downward trend has been consistent and unrelenting leaving many to wonder where and when some of these top tokens settle down.

Since Bitcoin still dominates proceedings and performance for the rest of the market it should be BTC that we look to when searching for a bottom.

He says the cryptocurrency market is new and there are several governance issues - which are creating hurdles for the virtual currencies to evolve.

The market capitalization of Tether, the most controversial stable coin has surpassed Litecoin. Ethereum (ETH) has lost 9.9% over the last 24 hours and 37% since last week and the price per ETH today is $110.

The coin is now trading at a 1 week high of over $110 after gaining over 75% in the past 24 hours.

The narrative about institutional players entering the crypto market is now questionable. As the crypto market is experiencing heavy losses, the cryptocurrency miners finding it extremely strenuous to match their revenues against the cost of the mining.

Bitcoin's unprecedented drop has affected the entire cryptocurrency markets, with many altcoins setting fresh 2018 lows, including Bitcoin Cash (BCH), which is now trading at $180, and Ethereum, which is now trading at $109, slightly higher than its 2018 low of $100, which was set this past Sunday. As the crypto bloodbath continues many people are asking if this period is different and if the BTC price will ever recover.

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