The 4.8% decline in the overall valuation of the entire cryptomarket is the result of an intense sell-off action recorded on Jan 11.
Two days ago, before the 3% decline performed by BTC, Hsaka, a prominent cryptotrader, pointed that BTC was displaying an indication of weakness, judging by its performance during Jan 11-12.
Since that time, the world’s most popular digital asset’s value dropped from 3,700 USD to 3,476 USD, accounting for a 6% plunge.
A sell-off action during the time when the cryptomarket is displaying a low volume shows signs of free fall with no substantial sell pressure in sight. The insufficiency of resistance might expose the cryptomarket to a prolonged decline in the near-term.
According to Josh Rager, a digital currency financier, in the event that the cryptomarket’s volume does not manage to commence a recovery action in the nearest future, a value decline of Bitcoin to the low 3,000 area is very probably, taking into account that solid buy walls have set up below the 3,000 USD support area on crypto-to-fiat exchanges.
With BTC facing difficulties in displaying strength in a comparatively low 3,500-3,700 USD price area, the remainder of dominant digital currencies such as ETH, BCH, and EOS registered 8%, 7.5%, and 7% decline versus the USD respectively.
Even TRX coin, which recently made sufficient gains versus BTC, has suffered a double-digit drop.