- It was interesting as the market went up blowing off the roof.
- Bitcoin is giving a blind eye to the current oversold level.
- Bitcoin will hit lows of $2,500 before a reversal comes to play.
Bitcoin attracted everyone’s attention towards the end of the year. Here was an asset that is digital based and much more valuable than Gold. It was interesting as the market went up blowing off the roof. However, throughout 2018 the market has become less and less speculative and focusing on development. In spite of the drop, hope kept investors eager as experts and top analysts predicted that Bitcoin will recover to new all-time highs.
Instead of a recovery, the asset continues to head for the rocks pulling the entire market with it. The market is currently painted as volatility levels increase significantly. Moreover, according a report by CoinDesk, a news outlet, Bitcoin is giving a blind eye to the current oversold level. A situation that has sent it tumbling hitting the 15-month low. This has squashed the hopes of many investors who believed that there will be a recovery towards the end of 2018. Besides, the Christmas break is around the corner and not much is expected to change in the coming few weeks.
Bitcoin is currently dancing within a narrow range in the wake of the big waterfall drop. It tested the monthly lows around $3,200. A move that was ignited after BTC/USD was rejected at $3,400 (critical resistance zone). The asset is also exchanging hands below the hourly range moving averages. Sellers are not done and Bitcoin is still staring at $3,000, besides, some experts believe this to be the bottom for Bitcoin. Likewise, other experts say that Bitcoin will hit lows of $2,500 before a reversal comes to play in the first quarter of 2019.
BTC/USD 1-hour range chart
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