Cryptocurrency volume is declining, BTC possibly headed beneath 3,000 USD

Cryptocurrency volume is declining, BTC possibly headed beneath 3,000 USD
Jan 13, 2019 by Rico Wise

Digital currency market specialists have begun expressing their doubts with regard to the decreasing trading volume of cryptocurrencies, and the possibility of free fall of the market with the absence of substantial sell pressure from bears.

Overall, cryptotraders anticipate a lackluster year with little instability, at least up to the point when digital currencies manage to escape the final phase of a year-long bearish market conditions and commence a confident stage of accumulation.

Still, in the near-term, most of the cryptotraders see the majority of digital currencies, as well as BTC, checking out major support levels in a low price area.

According to Josh Rager, a digital currency trader, with the continuing descend of volume, BTC might experience more sideways ranging, which could continue for days or even weeks before the decline in buyers, which presently hold up the cryptomarket, finally happens. Per Rager, there is a nice support level beneath 3,000 USD with plenty of buyers awaiting there.

Presently, subsequent to a serious sell-off action that took place two days ago, the digital currency market is displaying stability in the 122-124 billion USD range.

However, overall market capitalization has declined by approximately 100 billion USD from November 2018, as the asset class is facing difficulties upon displaying signs of a trend reversal

Given the insufficiency of momentum of the digital currencies and with BTC and ETH being incapable of breaking out from key resistance areas, DonAlt, a renowned digital currency tech analyst proposed that this year might be boring and have low volatility.

With BTC reaching the low 3,000 USD area, akin to its corrective rally witnessed in the middle of December, it might commence a more or less strong recovery action caused by big buy walls on dominant crypto-to-fiat trading platforms, including Bitstamp and Coinbase.

In the event that BTC keeps dropping beneath the 3,500 USD and possibly reached its yearly low at 3,122 USD, lesser market capitalization currencies and daily trading volumes are anticipated to witness sever price decline versus both BTC and USD.

Some of the digital currencies that displayed a confident price growth over the past few weeks because of the product launches and upgrades, such as TRX and ETH, have already started losing their prices, impacted by the bearish bias around the near-term trend of the cryptomarket.