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Bitcoin Price Fall and Effect on Crypto Market

Today morning it went down by 4.8% to a 2019-low at US$3,388. This level is not that far away from the low level attained in September 2018.

As Bitcoin is the largest cryptocurrency in terms of market capitalization, today’s fall of over 100 points has dragged down the entire crypto market significantly. With the sharp bearish decline on Monday morning has wiped out US$6 billion from the entire cryptocurrency market. Other leading cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) declined by over -7%, -4%, and -8% respectively.

Reports say that the market is becoming increasingly skeptic about the short term prospects of Bitcoin. In fact, this skepticism has brought the sharp decline in Bitcoin price, which in turn triggered the fall in the overall crypto market. Since November 2018’s crypto market meltdown, the market is yet to witness a significant bullishness.

How are the Analysts and Experts Explaining the Crypto Market Behavior?

eToro’s senior market analyst Mati Greenspan said that the cryptocurrency market is currently moving in accordance with the technical charts. While explaining the recent decline in the price, Greenspan said:

“There’s no need for overreaction here. Bitcoin is continuing to trade within the core area of support between $3,000 and $3,500, within the broader range of $3,000 – $5,000, where it’s been since November 2018.”

Conclusion

Technical analysts ask the Bitcoin traders to keep the key support levels in mind. The major support levels are at US$3,400 and US$3,280. Key resistance levels that the bulls have to successfully move above are US$3,535, US$3,600, and US$3,710.  

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