Bitcoin Price Looks South After Drop to Six-Week Lows

Bitcoin ended a two-week period of consolidation with a drop to six-week lows earlier today. The leading cryptocurrency by market value fell below $3,470 at 04:45 UTC, confirming a downside break of a triangle pattern. That range breakdown was followed by a quick slide to $3,357 – the lowest level since Dec. 17 – according to Bitstamp data. A prolonged period of consolidation usually yields a big move in the direction of the breakout. For instance, BTC ended a multi-week-long trading range with a move below $6,000 on Nov. 14…

Following $5 Billion Drop in Crypto, Traders See Weakness in Bitcoin

On January 13, the crypto market initiated an intense sell-off as the Bitcoin price fell below the $3,500 mark. The weakness in the short-term price trend of BTC led the market to demonstrate volatility on the downside. More than $5 billion was wiped out of the crypto market and major assets like Ethereum recorded a six percent drop. Where is Bitcoin Headed? Generally, both analysts and traders expect Bitcoin to fall to the low $3,000 region in the days to come. Some have suggested that a strong buy wall below…

Bitcoin Risks Return to December Lows After Price Drop to $3.5K

After breaching key support on Sunday, emboldened bears could soon push bitcoin (BTC) prices back towards $3,100. Following a drop to a 3.5-week low of $3,476 at 16:00 UTC yesterday, the cryptocurrency closed at $3,516, effectively invalidating the bullish view put forward by the higher low of $3,566 carved out on Dec. 27. That move also added credence to the bearish reversal signaled by the 9 percent price drop witnessed last Thursday. Put simply, the bears have strengthened their control of the market, after the bulls failed to penetrate the…

Bitcoin to End 2018 With 80% Drop, What Investors Can Expect in 2019

Following one of its biggest bull rallies in history to $19,500, Bitcoin (BTC) is set to end 2018 with an 80 percent drop from its all-time high. As Bitcoin enters 2019 with a bear market status having suffered a steep sell-off in December, what can investors expect in the first two quarters of 2019? Several Catalysts on the Horizon For Bitcoin In the first quarter of next year, Bakkt, a cryptocurrency liquidity provider and exchange operated by the New York Stock Exchange’s parent company ICE, is set to launch a…

No, the Price of Bitcoin Didn’t Drop Because of Bomb Threats

On Friday, as the Bitcoin price fell by around six percent against the U.S. dollar, several reports claimed that the dominant cryptocurrency dropped in value due to bomb threats. One report from Business Insider Australia, for instance, stated that following an email blast of bomb threats in New York, the price of the crypto asset endured a correction. Wrong Argument Against Bitcoin A common misconception that Bitcoin (BTC) by nature is anonymous or impossible to track is simply not correct. As a consensus currency, Bitcoin is based on a decentralized…

Crypto Loses $14 Billion 1 Week, Bitcoin Will Likely Avoid Drop Below $3k

Over the past 48 hours, the Bitcoin price has stabilized at around $3,400 after dropping to a new yearly low at $3,210 on December 7. On a weekly basis, Bitcoin (BTC) is up six percent from $3,210 to $3,400 but the cryptocurrency market has lost $14 billion of its valuation against the U.S. dollar mostly due to the underwhelming performance of major digital assets and the plunge in the value of ERC20 tokens. The Ethereum price has also recovered slightly by a similar magnitude as Bitcoin, with Ethereum (ETH) recording…

Bitcoin Faces Drop Towards $3K After Brief Price Bounce

Bitcoin (BTC) still has the potential to drop towards $3,000, despite a minor bounce from 15-month lows seen on Friday. The leading cryptocurrency by market value picked up a bid at $3,210 three days ago –  a level last seen in September 2017. The ensuing corrective bounce, however, seems to have run out of steam, as bitcoin is currently trading at $3,470 on Bitstamp – down 4 percent from yesterday’s high of $3,633. It’s worth noting that prices are currently down more than 80 percent from the record high of…

Bitcoin Avoids Large Drop Below $3k With 7% Recovery, Trend Reversal?

Over the last 24 hours, the Bitcoin price has experienced a seven percent recovery from $3,210 to $3,433, avoiding a further drop below the $3,000 support level. Many traders expected Bitcoin (BTC) to rebound from the $3,000 to $3,300 range because the $3,000 support level has shown strength throughout the past two weeks. Ethereum (ETH) recorded a 15 percent increase from its daily low and ERC20 tokens such as Quarkchain, OmiseGo, and 0x demonstrated gains in the range of 5 to 15 percent, due to the integration of tokens by…

Bitcoin Mining Difficulty Just Saw its Second-Largest Drop in History

The crypto market’s prolonged decline has finally begun to manifest in the bitcoin mining industry, which had at times seemed impervious to falling prices but is now experiencing a moderate exodus. Bitcoin Hash Rate Begins Rare Decline At a basic level, miners produce Bitcoin blocks by competing to solve complex mathematical problems. When the hash rate increases, blocks are found more quickly, while the converse occurs when the hash rate declines. To maintain a consistent block time of ~10 minutes, Bitcoin automatically adjusts the difficulty of these problems at roughly…

Lack of Momentum Leads Crypto to Drop

CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. Over the past 24 hours, the Bitcoin price has dropped by more than five percent from $4,265 to $4,030, demonstrating a decline in daily volume. On fiat-to-cryptocurrency trading platforms like Coinbase and Bitstamp, the dominant cryptocurrency was dangerously close to dipping below the $4,000 support level. A drop below the $4,000 mark could disallow a short-term corrective rally to the mid-$4,000 region in the short-term, several analysts said. $4,000…