In the previous week, only Bitcoin (BTC) recovered slightly moving in an upward direction after the heavy fall. But today again it is showing a new balance which is the yearly low on Friday morning leading to the entire crypto market into the red. However, BTC/USD has maintained their performance level, unlike Bitcoin.
The movement of Bitcoin has been very volatile owing to its shaky nature and today morning Bitcoin had set yet another yearly low trading price of $3311 as compared to the last 24 hours when Bitcoin was traded at $3849. Such a low trading point has scared a lot of investors and a time may come when Bitcoin trading point may reach at a low of $3000. During the time of writing this article, BTC/USD was balanced close to $3,344 on Coinbase, and in just a single day the value has just reduced by around 10 percent.
The shift to a new stumpy score in 2018 followed the Securities and Exchange Commission’s (SEC) decision to setback judgment on VanEck’s recent Bitcoin ETF scheme until February 2019. However, almost every person projected that the commission might jump at the end of a few seconds, how it has made with further crypto ETF applications in the history. Therefore, it looks doubtful that the interruption may have any genuine bang on Bitcoin’s short period actions.
Further, let whatever the case may be, the technicals maintain to appear more bearish and maintain a downward view on the crypto market. However, a few analysts which include Bloomberg’s Mike McGlone predict that a price as low as $1,500 may also be tested during the course of time which may not be fruitful for the Bitcoin price as per the current struggling situation.