Bitcoin’s Trading Value Continues its Downward Slide
PlaySlots4RealMoney.com is one of the best sources of information when it comes to the latest in cryptocurrency news. In a recent article by Rich Caesar concerns have been heightened over the trading slide for Bitcoin that has pushed it value below $8000 on Monday. This is rapidly approaching a previous low of $7300 that was once perceived to be the bottom in a very volatile market.
It is hard to know where Bitcoin goes from here, but a slight rally to $8,217 in Tuesday’s trading worked to take the edge off this continual slide. The market could not sustain that gain and the price retreated to $7,716. The bears have been controlling Bitcoin’s (BTC) market value over the past few weeks of trading. Tuesday’s low in this slide according to Coindesk was the lowest it has been since March 18.
One of the driving factors in this downward push could be Twitter. It was mentioned in this report that its decision to ban any ads related to initial coin offers (ICO’s), token sales, exchanges and wallet services may have contributed to the recent declines. Bitcoin value had been sliding in advance of this announcement, but this latest news only fueled the bears’ response. Coindesk’s Bitcoin Price Index (BPI) is used to assess the average value across all the leading exchanges. As of Tuesday’s averages, it reflected a decline of 2.5 percent to $7,935, which is still well ahead of some of the lower spot prices that had been recorded. The overall outlook continues to favor a depressed market, but given the inherent volatility with Bitcoin, things could still trend upwards in t he coming days and weeks.An established benchmark notes a projected cap of $11,700. The BPI would need to approach this level to signal another bull run for bitcoin cryptocurrency. However, there is obviously a sizable gap to close to get there. The most recent high in Bitcoin trading was $9,177 on March 21. This gives the bulls some optimism for future trading, but the current trends could suffocate any rapid expansion in value.
Coindesk has also used a bottom cap figure of $6,600 as a possible landing point on the bears’ side of the equation. Certain tracking charts and short-term projections do not rule out an even further slide in value as the market transitions into the new month. Looking back at July and September of last year, Bitcoin did reach this bottom cap projection in actual trading value. This gives credence to the wide range in overall trading numbers ($11,700 to $6600).
The current view from Coindesk as to where it sees things going starts with:
-A corrective rally to $8300 cannot be ruled out, but there is a strong concern with this type of gain being sustained.
-Overall, a return to a low of $7,240 (March 18) could set things in motion for a further decline to $6,600.
- Information derived from the current charts regarding a long-term outlook for any type of new bull run confirms the upward cap of $11,700.
