Bitcoin (BTC) Seeing Low, Break Below $3,500 at Risk

Bitcoin (BTC) Seeing Low, Break Below $3,500 at Risk

Bitcoin (BTC) Seeing Low, Break Below $3,500 at Risk

$BTCUSD

Wednesday, Bitcoin prices traded to their lowest marks in a week and were on the brink of falling below a psych mark below $3,500.

Broad-based decline has erased $9-B off the total value of all cryptocurrencies this week

The price of a Bitcoin, the world’s largest cryptocurrency, is  currently trading at: 3,629.24,-108.29 (-2.8974%) as of 10:58p GMT , the market is open.

Bitcoin’s price is own 5.% since Tuesday at 5:00p EST on the Kraken crypto exchange and to its lowest mark since 27 November.

Despite the persistent selling pressure, 1 market watcher said at these levels there is more Northside than Southside for those looking to find a buying point.

“Bitcoin continues flirting with the $4,000 level as it struggles to find its footing following the latest selloff,” wrote Jani Ziedens of the CrackedMarket blog. “But given how far we fell, at this point there is more upside than downside. That said, few things move as far and as fast as cryptocurrencies.”

The Altcoins are all lower
  • Ether, ETHUSD the currency that runs on the Ethereum network, was trading down 6.4% at $102.01,
  • Litecoin LTCUSD has moved back below $30, trading at $29.01, down 5.5% on the day,
  • XRP is lower by 4% at 33c
  • Bitcoin Cash BCHUSD was the worst-performing Altcoin, down 11.7% at $130.20.

“The world’s 5th-largest cryptocurrency continues to record losses in the aftermath of the hard fork it went through last month, and as part of the market-wide trend,” wrote analysts at eToro in a Wednesday blog. “Bitcoin Cash tumbled an additional 8% over the past 24 hrs, and further extended its losses to record a new all-time low.”

With crypto prices in decline across the board, the total value of all digital currencies is at $121.8-B, down $9-B from the start of the week, according to data from CoinMarketCap.

In Bitcoin futures trading the Cboe Global Markets December contract XBTZ8 closed trading at $3,795 down 1.1%, the CME Group December contract BTCZ8 ended Wednesday down 3.6% at $3,705.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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