Bitcoin (BTC) has dropped significantly and tested support at around $3,453. If the price chart confidently overcomes the important level, there will be a signal to achieve lower price values. “Digital gold” is currently trading at $3,423 with a change of -1.13%. Similar dynamics have been shown by other cryptocurrencies. As a result, Bitcoin cash (BCH) became the leader in terms of decline, it showed a -4% change and traded at $114. Ethereum (ETH) has repeated the sales – it dropped to 103 with a change of -3.41%.
The capitalization of the cryptocurrency market leaves much to be desired holding at $111 billion. Once again, we see that purchases were unlikely this week. But if Bitcoin does not overcome the minimum of the end of February, then there will still be a chance for a reversal.
Another project closed
It became known that three banks of Japan closed a joint money transferring project in the blockchain network. As known, lots of projects are being closed. Even in spite of the fact that some Japanese banks introduced stable coins to minimize costs, there was still no active development in 2018.
BTCUSD (H4): sales increased
Bitcoin continues to decline steadily. At the moment, the coin overcomes the key support, thereby giving a signal for further decline. If sales increase, testing the lower boundary of the downward channel or the $3,350 zone may be expected.
Bearish sentiment intensifies in the weak news background. The goal is $3350, or $3224 at worst case scenario.