Cryptocurrency enthusiasts will have noticed all of the markets are struggling as we speak. That is not surprising, as the bearish Bitcoin price momentum drags all other currencies along with it. Right now, there are only two currencies in the top 10 by market cap which note no losses over the past 24 hours. Both NEM and IOTA noted such small gains, yet they are not even worth paying attention to. After all, such gains could be wiped out in mere seconds.

More Bitcoin Price Declines on the Horizon?

It is evident the Bitcoin price is not evolving in the direction most people would like at this time. With a 2.12% loss over the past 24 hours, things aren’t looking all that great for the leading cryptocurrency. It is certainly possible we will see some gains in the next few days, though, but for today, it appears very little will happen. Moreover, if something were to happen, it will probably result in even more Bitcoin price losses moving forward, which is the last thing most people would hope to see at this stage.

As is usually the case where Bitcoin price movement is concerned, no one has any idea why the value is going down right now. There was no real reason for the recent Bitcoin price increase either, though. People who rely on technical analysis will have reasons as to why these things are happening at these specific times, but one has to keep in mind TA only works if enough people can be convinced things need to evolve in a particular direction. Patterns don’t occur out of the blue, but they are carefully manufactured by specific individuals and groups.

That being said, the Bitcoin trading volume is still intact above the US$2 billion mark. For a weekend, that is quite a significant number, although the overall cryptocurrency markets are seeing over US$6.2 billion in 24-hour trading volume right now. Ethereum is also showing a lot of volume, followed by Litecoin, Ethereum Classic, Ripple, and Bitcoin Cash. All of these currencies are currently in the red, though, which shouldn’t come as any major surprise at this stage.

Nothing has changed in the trading markets ranked by volume either. Bitfinex, bitFlyer, and Bithumb make up the top three. In fact, the entire top 5 is comprised of fiat currency trading pairs against Bitcoin. This is pretty significant, and highly uncommon, to say the least.  Then again, it shows people aren’t necessarily diversifying their Bitcoin holdings through altcoins, which would explain why all major alternative currencies are down in value as well. It seems the entire cryptocurrency market is in a bearish phase for the time being. No one knows for sure when things will improve again.

Judging by the momentum in the market right now, it wouldn’t be surprising to see the Bitcoin price drop even further. Although the US$4,550 level can be maintained for now, a further decline under US$4,200 is not entirely out of the question. This has nothing to do with technical analysis, mind you, but it is evident a lot of people are on the brink of selling their assets if things do not pick up soon. Moreover, the past few weeks have brought Bitcoin some major gains, which are often followed by large corrections. That is just a fact which doesn’t require any analysis whatsoever.

In the end, everyone hopes to see the Bitcoin price return to US$5,000 and beyond sooner rather than later. However, the unprecedented growth of this popular cryptocurrency will be met with a lot of resistance at critical points. The US$5,000 mark is a psychological barrier for many investors and speculators, thus this pullback was to be expected. Despite its growing market cap, Bitcoin can be easily manipulated by large investors; that much is evident.

1 COMMENT

  1. JP, glad your writing about the markets and its clear we all have our opinions…
    there is no real reason for markets changing except the psychology of the participants and there perceived opportunity for value or profit.
    What goes up must go down.
    An initial reaction to the $5,000 USD/BTC level is not bearish sentiment, profit taking takes many forms and does not imply bearish sentiment. Technical analysis is the analysis of the sum of all market participants, not the manufacture of a deterministic outlook(“TA only works if enough people can be convinced” (TA can work without the majority of the participants even knowing anything about TA or the markets(its not ALL a self fulfilling prophesy and price patters have been evident before there even was TA… ) Patterns do occur out of the blue and there is a random quality to price patterns as well as rational explanation centered around crown behavior/crowd psychology and patterns do not necessarily represent a rational framework- carefully manufactured by the few, large size participants not withstanding.
    Article summary: no real reason for BTC to have been going up, don’t be surprised if it goes down further, large participant are obviously manipulating things, we all hope it goes up further some time later. Take my writing with a grain of salt because I’m not a trader and just like collating opinions for my love of writing about stuff. 🙂

  2. Our innovative crypto currency that only two years ago was going to revolutionize banking, monetary policy and international currency transfers has now entered the penny stock stage complete with the low class pumpers and dumpers calling the shots.
    It will not be long now before the worthless ICO’s flooding the spotlight will kill the best investment to come artound for the average person in my life time. The regulatory agencies such as the SEC will use the worthless ICO’s as an example and either make legit crypto’s illegal or so controlled there will be no value to justify the aggravation of investing.
    Thank you ever so much you Wall Street/FTSE/Hang Seng POS trash for your contributions to keeping the middle class poor.
    May you ever continue eating excrement and die of some flesh eating bacteria.

    • Cheer up dude. I don’t see how any commodity worth $5k each can be compared to a penny stock. The fact is that the more any coin is worth and the more widely it is owned the less likely that it can be pumped and dumped or otherwise manipulated. Maybe you should give a call to the suicide prevention line in your area.

  3. whos the asshole whos been dumping 14 btc on the sell order all day to keep the price down..the price keeps moving up higher for the coin so that no one actually ever buys? Does this scare off buyers during a upswing? What is this evil tactic o.0

  4. Laughable, this amateur’s article. Maybe this, maybe that, oh yeah volume, oh yeah um technical analysis, um um um, two hundred more words to fill.

    The simple truth — the crypto markets are volatile. Very. They charge forward on young investors’ enthusiasm, top out like any rollercoaster must, then drop until most of the nervous nellies are done selling low to “protect” themselves from, well, further volatility. Too bad for them that the next cycle will be — duh — up.

    Market corrections are inevitable, and naturally necessary to curb excessive short-term enthusiasm. They look scary up close, to amateurs. Pull out to a six-month or longer view to see that they’re the fluctuations in a long term bullish, positive market.

    Buy and hold is the path to wealth. In and out trading almost never keeps up with buy and hold in the long run. Most crypto investors — they’re actually just traders — hover over their accounts like first-time parents, alternately euphoric or terrified over its every move. Quit trading in and out. Leave them alone and let them grow.

  5. This article is completely worthless, quasi-technical word salad. The author writes, ” It is evident the Bitcoin price is not evolving in the direction most people would like at this time. With a 2.12% loss over the past 24 hours, things aren’t looking all that great for the leading cryptocurrency.”

    Really? Based on what? 2.12% over a day is nothing. If it was down 21% there might be something to write an article about. And then he writes, “TA only works if enough people can be convinced things need to evolve in a particular direction. Patterns don’t occur out of the blue, but they are carefully manufactured by specific individuals and groups.”

    Wh..what? What does that even mean?

    I just can’t read JP Buntinx articles any longer. On top of his obvious lack of insight into the subject matter, he writes like a sixth grader. Everything is “quite interesting” and ” completely evident” or “certainly true that”…. “Keeping in mind”, “as a matter of fact”, “rather remarkable”, “for the time being”, “Lot’s of people”, “nevertheless, mind you”…. Arrggghhh!!

    I can’t take this amateur’s excuse for writing any longer!

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