Bitcoin botched to extend gains, big buyers at bay

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Bitcoin botched to extend gains, big buyers at bay amid heavy selling

Bitcoin, Ethereum, Ripple and Litecoin trending points

  • The new year failed to unveil an upswing for cryptos, as sellers are still in complete control of the market and 72.8 percent buyers are net long since October, 2018.
  • There had not been any sharp turnaround in market sentiment, despite Christmas holiday haul.
  • Technical outlook remains bearish, since markets lack substantial extent of upbeat data to hold on

Bitcoin may retest multi-months low in a near-term outlook, amid tumbled tech stocks all over the world

Although, cryptos had begun 2019 with a slightly positive momentum, drifting the prices slightly higher, yet selling is back in the market with a bang in the cryptocurrency space, as Bitcoin failed to hold on to Sunday’s gain of 6.34 percent (Jan. 6th).

Today’s, Jan 10th, crypto currency market had been experiencing a steep decline in Bitcoin price, fell around 5.66 percent so far to $3,780.50. If the current bearish momentum persists, which is highly likely to happen, amid faltering tech stocks from all over the world, a break below December 15thlow at $3,197 might have been on sight.

Crypto Market had been meeting with double digit losses for several coins, as Ripple overtook the Ethereum to be the second largest crypto coin in terms of market capitalization. While heavy selling took place in today’s crypto market, as a whole the cryptos lost over $9 billion in an hour.

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Crypto currencies earlier on January 10th, Thursday

Crypto currencies earlier on Jan 10th, Thursday

At this standpoint, Bitcoin is indicating further losses, while the horizontal support level resides at $3,568 and if it is broken, the market may again suffer a multi-month low bitcoin price.

Bitcoin daily price chart

Bitcoin daily price chart

Bottom Lines

While this report is being prepared, the 10thof January, GMT. 12.00, the Ethereum has already posted a double-digit loss of 11.88 percent to $131.65, with second half of the day is yet to be seen, which might retest November 19thintra-day loss of 17.52 percent.

The ripple lost 6.33 percent to 0.3445, while a break below pre-Christmas rally on to 0.2793 might have been on sight. The Litecoin has also posted a double-digit loss of 10.19 percent to 35.23, shredding off earlier gains.

Another blaze of storm-work may mass-slaughter Crypto currencies, jolting below the levels of pre-Christmas rally, if the current market sentiment carries on for the rest of the week.

Read more on Crypto currencies here.

Disclaimer: The content of this article is personal opinion and should not be considered as investment advice or suggestion towards any trading activity.]

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