Last week, we wrote about the bearish Bitcoin market and talked about a possible comeback. That is yet to materialize – over the past week, there have been no positive signs for a Bitcoin price surge. Even worse, the leading cryptocurrency in the world suffered a new blow. Although it’s somewhat stable at the $8,300 support, BTC is continuously traded sideways and causing the crypto market to turn red.
During the past few days, the price went down by 2% and experts aren’t optimistic of a turnaround. The market share took a dip as well, hitting records lows over the past couple of months. According to some experts, Bitcoin is expected to test the $8K mark once again.
Likely to Go Down
At the moment, Bitcoin is holding the $8,2-$8,3K support but is likely to go down. Both experts and traders are not optimistic about the cryptocurrency’s near future. In the short term, it’s a bearish market out there as the cryptocurrency moves between $8,100 and $8,300. Bulls haven’t been able to break the bearish line, so Bitcoin will most likely go down very soon.
Is there any positive news? Well, BTC is still up over 120% compared to the beginning of the year when it traded for around $3,000. That’s a huge jump attributed to the summer price surge which evoked memories of its glory days. Since then, however, BTC is in a slump and it seems there’s no end in sight.
Certain cryptocurrency figures and traders have been very optimistic about a Bitcoin “Big Bang” by the end of the year, but with each passing month, we’re less and less optimistic. Losses are recorded left and right with no indicators that promise a surge in BTC pricing.
Altcoins Bleeding Once Again
With the crypto markets turning red, it was only a matter of time before altcoins took another major blow. The most recent altcoin price downturn may be a sign of worse things to come. Take a look at the list and you’ll see red candlesticks for the top 20 altcoins including EOS, ADA, TRX, and LINK. The current cryptocurrency market cap is just over $222.5 billion, with Bitcoin making up for over 66% of it.
One exception is Ripple, whose price chart shows an upward trend. With Bitcoin in a bearish zone, Ripple saw a rise in price above the $0.2920 support against the US Dollar. It may not look like much, but a possible close above the support may spark a trend of upsides and solidify Ripple’s status as one of the most interesting cryptocurrency for traders right now.
When it comes to the biggest altcoin by market cap, Ethereum, its price is consolidating and looking good in the short term. After a 32% drop in late September, Ether’s price has been on the rise, with many speculating that it may spark a new altcoin season. Many experts believe that the stagnating Bitcoin might make traders rush to Ether which will surely see the altcoin rally.