Bitcoin's rise to $ 8.2k was much weaker than it was to $ 12k last year
Over the weekend, the Bitcoin rate rose to $ 8. 200 before with Excited expected end of the week. Although it was the first strong breakout since November 2019, there was not enough buying demand to push BTC to a higher level.
Many traders expected Bitcoin to hit upper resistance levels including $ 9. 000, supported by the upward momentum of the past three days. When the weekly candle closed below $ 8. 500, Bitcoin declined the range between $ 8. 200 and $ 8. 400 and fell to around $ 8. 050.
The drop of $ 8. 200 could turn into a bigger one Withdraw Bitcoin
The Bitcoin price is only about $ 120 lower than the weekly Price. But BTC's inability to rise well above $ 8. 400 could indicate that BTC may choose to do so could test lower supports.
As the Bitcoin price in July initially on 12. 000 $ rose, there was considerable buying demand and volume on the major crypto exchanges to support the breakout. Even then he declined over the course of a month and fell to the $ 8. 000 he brand back.
Bitcoin's recent outbreak in the range between $ 8. 200 and $ 8. 400, which coincides with lackluster volume and low buying demand, could suggest that the entire move was a fakeout could.
Even Ethereum wanes under pressure
As stated by Three Arrows Capital CEO Su Zhu, there was clearly significant demand for Ethereum in the range of $ 140 to $ 143 on major exchanges such as OKEx.
Massive buy walls now on okex march 2020 $ ETH,
143 equiv in spot seems to be a very important re-accumulation level, around 35 k ETH. https://t.co/U1us2S5c7S pic.twitter.com/TugD1KtvbR
– Su Zhu (@zhusu) 12. January 2020
Despite rising purchase orders on large margin trading platforms, the Ethereum price fell below the $ 143, as BTC closer to $ 8. 000 fell. With a decline of around 40 compared to the annual high 2019 Bitcoin is technically still in a downward trend. In a bear market, altcoins, even large cryptocurrencies like Ethereum, tend to follow Bitcoin's price trend.
If bitcoin prices drop to lower supports in the coming weeks, as some technical analysts expect, the altcoin market is unlikely to keep its momentum, regardless of buying demand at rock-bottom prices.
Proof of text: newsbtc