On January 23, 2020, Bitcoin slides below $8,500 as traders’ assumptions of a slow downtrend appeared to be gradually coming true from recent highs.
Bitcoin Returns to $8,300s
As per the data from Coin360, BTC/USD reach lows of $8,320 overnight on Wednesday. Bitcoin currently hovered at around $8,334.
The earlier level matches two more brief lows seen this week, as well as represents the low of a range the pair has traded in since January 14, 2020.
Bitcoin 5-Day Price Chart. Source Image: Coin360
Traders, over that period, saw highs of more than $9,150, while cautioning that there was little hope of Bitcoin climbing higher still. The reason was that the resistance sparked by the Bitcoin value’s 200-day moving average.
At press time, he said that he would favour less volatile value action in the short term. Nonetheless, this being to the upside allows BTC/USD to regain a higher position in its normal range.
The trader summarized to subscribers of his Telegram trading channel –
“I’m not saying the next thing that happens is we burst out of here… more expecting some sideways drifting to the upside to be honest but let’s see.”
According to the earlier reports, even the $8,500 zone is too far from bearish as per some price performance estimates.
Specifically, the Stock-to-Flow model, truly uncannily precise at graphing Bitcoin’s excursion to current levels, expresses that the mid-$8,000 zone is actually where the digital currency ought to be as of right now.
BSV Forming Losing Altcoin Bet
Among all the altcoins, it was BSV (Bitcoin SV) and DASH (Dash) once again, which led the losses for investors.
With 24-hour retracements of 11.1% as well as 6.1% respectively, the two tokens kept on disintegrating past increases from prior in January.
Ethereum’s ETH, the largest altcoin by market capitalization, in the mean time, shed 3.3% to trade at $164.
Ether 5-Day Price Chart. Source Image: Coin360
The overall digital currency market capitalization was $235.4 billion, with 66% share of Bitcoin.