The popular digital currency has been enduring a decline for a couple of weeks now, but yesterday, BTC briefly displayed an attempt to start a correction rally subsequent to hitting a new yearly low at approximately 3,400 USD.
For some time, BTC was able to hit 4,000 USD, accounting for a 17% price growth in the course of a day. Nevertheless, the value of the digital currency started falling back to the lower levels of 3,000 dollars.
The cryptomarket has trouble with sustaining any kind of momentum, trying to establish a trend reversal. Sell pressure on dominant cryptocurrencies is growing, while buy pressure is decreasing, causing both BTC and ETH to lose over 40% in the previous couple of weeks.
Since yesterday, Bitcoin’s price has approached 3,400 USD support level. According to the movement pattern of the digital asset in the past 12 hours, there is a high possibility for the currency to dive below this level in the upcoming days, specifically if it struggles to keep its positions beyond the 4,000 USD level.
XRP, EOS, XLM and other dominant digital currencies face a worse situation than Bitcoin and Ethereum, due to their daily trading volumes being lower. At the moment, Ethereum’s volume is bigger than that of Ripple, Stellar, and Bitcoin Cash altogether.