Bitcoin (BTC) struggles to maintain support at $ 8,000. Analysts warn traders: the market outlook appears increasingly bearish.
Daily market overview. Source: Coin360
Bitcoin loses 3.7% in one night
According to data collected by Coin360, today the BTC / USD pair touched a minimum of $ 8,077. Now the price of the cryptocurrency has recovered slightly, returning to $ 8,150.
The value of the cryptocurrency decreased by almost 7% compared to last week.
Graph of daily Bitcoin movements. Source: Coin360
Will the Bitcoin price continue to fall?
Analysts' opinion is very negative, not only for short-term movements, but also for the halving of mining rewards expected for May next year.
"I expect more volatility. The short term is certainly bearish, and don't expect movements similar to those of past halves"the analyst commented on Twitter Willy Woo. Woo referred to a trend that has so far characterized Bitcoin: in the months preceding the past halves, which occurred in 2012 and 2016, the price of the cryptocurrency has increased considerably.
Similarly, many experts predict that next year we will be witnessing the beginning of a new bullish phase for Bitcoin. However, explains Woo, this time things could evolve differently:
"Well, this time we went from $ 14,000 to $ 7,500. This is eliminating all the weaker miners, who are slowly dying and selling their cryptocurrencies.
This factor adds to the already bearish trend, so I find the start of a bull run within the next six months unlikely due to selling pressures. It is not possible to trace similarities with past events, the fundamental elements are different. "
Significant contraction of the altcoin
Negative movements also for the rest of the market: several cryptocurrencies lost about 5% of their value in just one day.
The price of Ether (ETH), the most important altcoin by market capitalization, decreased by around 3%, slipping to $ 177.
Graph of weekly Ether movements. Source: Coin360
Above all the daily performances of EOS (EOS), Tron (TRX) and Cardano (ADA) are particularly bad, in red respectively 6.7%, 7.5% and 7.2%.
The total capitalization of all cryptocurrencies is currently around 228.7 billion dollars. The dominance of Bitcoin is instead slightly up, now at 66%.