Just a few minutes ago, reaching into our bitcoin news is the new Bitcoin situation on the market where the number one cryptocurrency dropped below $3,600 and at the same time $5 billion was wiped out of the crypto market. BTC made a 4.9 percent drop showing signs of a strong weekend sell-off. Prior to the drop, the crypto trader better known as ‘’Hsaka’’ pointed out that Bitcoin is weakening:
‘’Some thoughts. The first wick below the range low led to a tap of the range high. The second one (this current one) has failed to reach that high as of now. Sign of weakness in my opinion.’’
A sell-off during this time of the market is a sign that there is a low volume on the market. The market is now vulnerable to an even further drop in the short-term. Crypto investor Josh Rager believes that if the volume of the crypto market doesn’t recover in the following days, BTC could even drop as low as $3,000. He explained:
“As the volume continues to slowly descend Bitcoin could see more sideways ranging This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels. Nice support below $3,000 with lots of buyers waiting there.’’
Other crypto assets such as Bitcoin Cash and Ethereum dropped by 8 and 7 percent against the US dollar. Even TRON after gaining against Bitcoin over the past few days, experienced a huge drop today. Investors expect the market to recover in the lower price range however with this high volatility the majority of the assets could become extremely vulnerable to short-term drops.