The bitcoin price had a 65% drop since December

The bitcoin price had a 65% drop since December

Bitcoin price and crypto markets in general have lost value over the last six weeks. They had a few comebacks here and there, but at this point the bitcoin reached the absolute minimum, reaching $ 6600 yesterday and wiping everything he earned in the last three months.

The bitcoin price had a massive decline of more than 65%

Many enthusiasts and traders are looking to figure out what is the basis – the minimum price to which the bitcoin will no longer fall, and then a price increase. Today, the bitcoin has fallen to a minimum of $ 6,000 in all global exchanges, after just two days now at $ 8-9,000.

For now, the price has fallen by more than 65% from the absolute highs in December.

In the last 12 hours, the traded volumes were weak, with less than $ 6 billion traded. However, the figure grew slightly in the meantime.

The top five shifts that people are calling at this time are Bitfinex, Okex, Binance, GDAX, and Bitstamp. The Japanese yen is the dominant currency for which it is now traded. 40% of the total volume is traded on conversion to yen. Second place is the dollar (36%), followed by tether (10%), euro (7%) and Korean won (2%).

Technical indicators

If we look at the charts daily, four hours and 30 minutes, we see them full of blood up and down. The market is massive. The two average (SMA) movements per 100 and 200 days seem to be converging. However, they split up again and the SMA100 sinks under the SMA200. This indicates a clear, high-speed bear market. MACD drops below the recovery level, suggesting a long period of liquidation.

MACD and RSI / Stocastica showed a good recovery after approaching the 6600 dollar area, but it turned out to be what traders call the “dead cat leap”, a deceptive sign of life.

RSI and Stocastica oscillators show some degree of indecision for the time being, and we may see a short-term recovery. The temporary increase to $ 7,000 shows that there is a possibility to do so. Multiple shift commands show very patina resistance in the area of ​​7-8,000 dollars if the bulls manage to gather their energies. On the other hand, the foundation is relatively solid at $ 6100. However, if it is penetrated then a price of $ 5000 is imminent.

Digital asset markets suffer major losses

The top ten cryptocurrencies suffer all the extreme losses today. Second place as market volume, ethereum declined by 11%. A spreadsheet is trading at $ 737. Ripple declined by 8% ($ 0.74) and Bitcoin Cash by 16% (to a minimum of $ 947). Eventually, Cardano dropped to $ 0.33 today, down 11% in the last 24 hours.

Most traders in forums and telegram channels have been trying to predict the price base for a long time. Some still think that they may reach a minimum of $ 4,500 in the short term. Others think they are following a trend reversal soon and that we can expect prices at 13-15000 dollars by March. Overall, the market is dominated by bears, which has eclipsed any signs of optimism and euphoria that traders had six weeks ago.

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