Cryptomarket starts crashing down once more as BTC dives beneath 3,500 USD level

Cryptomarket starts crashing down once more as BTC dives beneath 3,500 USD level
Jan 14, 2019 by Rico Wise

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.

One big problem in the performance of the digital currency market in the past 2 days is the low daily volume of the majority of digital currencies such as BTC and ETH.

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.