Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bitcoin price continues to slip further making new lows. On Friday, Bitcoin corrected over 3.5% to go below $3300 levels.
After showing a minor price rally upwards earlier this weak, the Bitcoin price continues to move sideways. Today itself, December 14, in the early hours, Bitcoin lost $100 to slip below $3300 levels. According to the chart on CoinMarketCap, Bitcoin made a low of $3284, but quickly recovered above $3300.
At the press time, Bitcoin is trading at a price of $3314 with a market cap of $57 billion. The world’s largest cryptocurrency has lost nearly 3.5% in the last 24-hours. As CoinSpeaker reported, Bitcoin must cross its resistance level of $3700 for it to make a convincing move northwards. Technical analyst DonAlt said that until then Bitcoin will continue to trade in the range of $3300-$3600 price range. But now that it has slipped below $3300, is further breakdown possible? Just yesterday, DonAlt again tweeted in this regard.
$BTC daily update:
Closed below the swing low – harsh rejection followed.
There isn't much support on the daily TF still.
So far prior support areas have flipped into resistance.
Until that changes – stay away from longs.
S: None until we start flipping R into S
R: 3425 & 3600~ pic.twitter.com/ijl5lO385m
— DonAlt (@CryptoDonAlt) December 13, 2018
Looking at the trend in the last few months, Bitcoin is hardly reacting to positive news. Several big financial institutions like Fidelity, ICE, and Nasdaq have pledged their entry to the crypto space in early 2019. However, these news have done little to contribute towards the Bitcoin price recovery. It looks like the investors look more interested in the actual launch of Bitcoin products instead of rejoicing on the possibility of its arrival.
Another popular crypto analyst “The Crypto Dog” said that looking to the current trends, he’s not betting on BTC’s recovery. He said: “BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”
Big Bulls Bullish on Bitcoin’s Future
However, big bulls from the financial investing space like Jim Breyer, Tim Draper, and Mike Novogratz continue to remain bullish on BTC recovery. Recently, Mike Novogratz made a statement assuring investors that Bitcoin is not going to zero. He said:
“That was a drug, and I don’t say that lightly…there’s the pessimism, and the fear, and the “Oh my God, it’s going to zero.” But it’s not going to zero. We’re at the methadone clinic.”
On the other hand, the venture capital funding industry gives mixed signals at this point. Digital Currency Group (DCG) say that venture capital firms are moving away from investments in the crypto space. DCG CEO and founder Barry Silbert tweeted about the same. He said:
“We’ve seen half a dozen fundraising deals fall apart over the past month after the lead pulled out. All is not well in crypto VC investor land. Good time to remind founders that a signed term sheet does not equal cash in the bank.”
On the contrary, CoinSpeaker reported two days back how the FinTech startup ‘Plaid’ raised a whopping $250 million in its Series C funding round. The funding round was led by popular venture capitalist Mary Meeker through her Kleiner Perkins’ growth fund. Some other big participants include Norwest Venture Partners, Andreessen Horowitz, Index Venture, and Coatue Management.