Connect with us

News

Bitcoin pricing analysis: experts say BTC has hit bottom

Published

on

At the moment, the price of Bitcoin hovers around $ 3,590. Digital coin No. 1 has lost almost 4% in the last 24 hours, resuming the decline that started in the second week of January. The market seems to "see the glass half empty", paying attention only to negative news.

Meanwhile, the researchers note that the average daily volume of BTC transactions returned to indicators recorded in October 2017, and this was a period of a strong rally in the cryptocurrency market.

Although the share of SegWit transactions has not changed over the past six months, LighteningNetwork activity is gaining momentum. This leads experts to believe that the market has reached bottom and that bullish growth will begin in the near future.

From a technical point of view, the BTC / USD pair retested the lowest level of 2019 – $ 3,480, after which the recovery returned the price to above $ 3,500. At the same time, the upward impulse died away, which means that the sale could be resumed during that day. If the price falls below the aforementioned level of $ 3,480, then the sale may last up to $ 3,400, which is protected by a Fibonacci retracement level of 23.6% (month).

It is worth noting that in order to mitigate the immediate bearish pressure, steady growth above $ 3,600 is needed.

And what do you think about the situation in the cryptocurrency market? Will the BTC recover soon?