The weekend saw bitcoin’s price fall below $37,000 for the first time in two weeks, the price of a single bitcoin has fallen from $37,892 on Friday to $36,939 on Saturday, as traders lose faith in an impending rebound.
Bitcoin may have been one of the world’s best performing currencies in the first quarter, but that hasn’t translated into a strong start to the second quarter. Put simply, the price of Bitcoin has been falling to the point where it seems that the rally in early April has largely played out, and a more serious decline could take place anytime.Bitcoin (BTC) collapsed during trading on the 18th. June below the $37,000 level, the latest bearish sign for the short term for Wanderer. 1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
buyers are not suitable for BTCbears
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it hit a new local low of $36,540 on Bitstamp. After repeatedly testing the $37,000 level, the pair finally broke through it, resulting in a return of short-term volatility and swings of several hundred dollars up and down. This move could be important as it removes much of the wall of buying that previously existed above $36,500. BTC/USD buy and sell orders on Binance as of 18. June. Source: Hardware/Twitter Display Expect a bounce (not sure if it’s exactly a bounce) around 36k, summarized popular trader Crypto Ed in his latest Twitter update after the lows. I can’t believe we’re going this weekend. According to Cointelegraph, BTC traders are at a crossroads in the current environment amid a lack of overall market direction. The indicators also show a mixed picture. Statements from Goldman Sachs and Spanish banking giant BBVA about the adoption of major cryptocurrencies did not help sentiment either, with Goldman analysts characterizing the situation with ambiguous statements about bitcoin’s true merits.
Altcoins react badly to further decline
Altcoins, meanwhile, have borne the brunt of bitcoin’s struggles, with several of the top 50 cryptocurrencies suffering daily losses of 6% or more by market capitalization. Related: Traders look for bearish signals after drop in bitcoin futures Ether (ETH) was below $2,250 at the time of writing, down 6.6% for the day, while Flexa’s AMP, which was previously a barometer among other cryptocurrencies, was the worst performer of the day, losing 23%. Some of these altcoins seem poised to lose another 50%, Tyler Durden said in his gloomy market forecast.