BITCOIN PRICE EDGES LOWER
The price of the largest cryptocurrency edges lower as trading volume reduces.
According to data from TradingView, the price of Bitcoin is getting close to $30,000 as the price dropped to $31,500 last week. And, with the decrease in trading volume and as retail investors stopped buying Bitcoin, price might actually continue to edge lower.
A report from Cointelegraph said that “Bitcoin bull markets frequently see corrections from all-time highs, but only 2013 has beaten this year in terms of waiting times for a rebound”.
Bitcoin investors might have to continue waiting as it's been three months since the price of Bitcoin hits its all-time high.
Bitcoin has lost 55% of its value compared to when it lost 69% from its all-time high in 2013. Although, it took 197 days to do so in 2013, and it's only been 95 days this time.
Technical Analysis
The $30,000 support is yet to be broken as it has been tested many times, but it keeps holding. Price is trading at $31,600 as at publishing time and the market just opened for the new week.
A break below $30,000 will push the price to $24,000, which is the next support area.
A strong reaction from the $30,000 support will see the price rally to $35,000 and above.
Market comes in cycles and swings, but this current swing or correction is taking a little longer than expected. More attention has been drawn to Bitcoin fundamentally in the past few months, but the price is yet to react to any of it positively as it continues to go lower.