Bitcoin price has been one of the hot topics recently due to several drops that followed after a short-term bull run. The rally included most of the crypto market, and it encouraged people to buy digital currencies once again, and particularly to buy Bitcoin.
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However, while February managed to end on a relatively positive note, with the coin reaching stability between a support level at $3,840 and a resistance level at $3,900, it appears that the bears are still not done with the world’s largest cryptocurrency.
Bitcoin’s February bull run
After experiencing large losses in 2018, the Bitcoin price ended the year with a surge in mid-December which brought it from $3,200 to above $4,000. However, throughout January 2019, The bear market was still strong enough to bring the price back down.
The coin continued to lose value during a few sharp and sudden drops which brought it just below the $3,500 support level.
This was achieved gradually throughout January, and it resulted in the lowest price Bitcoin has seen in 2019 so far. However, On February 8th, the entire crypto market experienced a sharp surge. The increase was not long-lasting, but it allowed Bitcoin to breach the $3,500 resistance and turn it into the support that lasted for over a week.
Then, on February 18th, Bitcoin surged once again, gaining yet another $500 in the process. This brought it to its next big resistance, at $4,000. At this point, Bitcoin was already struggling, and many believed it to be at the end of its strength. The coin continued to test the resistance level, and it even breached it on a few occasions, although only for a few minutes before it was brought back down.
This ended on February 24th with one last surge that allowed the coin to skyrocket past the $4,000 resistance, although its progress was stopped right before it reached the next barrier at $4,200. This is where the bulls withdrew, and the bears took over. Bitcoin price dropped below $4,000 once again, and since then, it was balancing between $3,840 and $3,900.
The support is broken — what will happen next?
As mentioned, Bitcoin’s major support at $3,840 successfully held the coin, preventing it from dropping further down for over a week now. However, this has just ended, and Bitcoin continued its drop all the way down to the support at $3,750.
Those looking to buy digital currencies should be warned that a similar situation troubles the entire market, indicating that the bears are still present and capable of acting up.
At the time of writing, Bitcoin price is at $3,780.51 after experiencing a 2.18% drop in the last 24 hours. Additionally, Bitcoin’s trading volume has dropped below $8 billion, indicating that traders and investors are hesitating to buy Bitcoin, at least while the drop is still on-going.
As for the short-term predictions, it is possible that Bitcoin will find stability above the $3,750 support, as the drop seems to be slowing down. For now, it is too early to tell if the bears can do more to damage the prices, and as always — traders and investors are advised caution.