Bitcoin Price Direly Needs Support Below $3,300

CryptoMode Shorting Bitcoin With US Currency

It is rather apparent there is a lot of negative pressure across all cryptocurrency markets right now. More specifically, the Bitcoin price is facing a lot of pressure once again, as it cannot catch a break. The $3,300 level will seemingly not hold for much longer, which will undoubtedly drag all currencies even further.

Bitcoin Price Pressure Becomes Smothering

In a way, it is not entirely surprising there is another Bitcoin price dump taking place right now. This negative pressure has been looming overhead for some time now, and the currency is not showing any signs of rebounding either. The $3,300 level has not held up after all, yet one has to wonder where things will go from here. Further down is the only viable option, by the look of things.

Over the past 24 hours, there has been another 5.7% downtrend where the Bitcoin price is concerned. This new wave of pressure has caused the $3,300 level to fall in very quick succession, and the pressure will not end there. There are still some expectations the Bitcoin value will hit the low $1,000s pretty soon, which is certainly possible at this time.

If The TIE is to be believed, there will be even more negative market pressure for Bitcoin. As the social sentiment turns against Bitcoin once again, there will be even further selling and dumping to keep an eye on. This can send a lot of shockwaves throughout the crypto industry as a whole over the coming hours and days.

There are still high expectations as to how the involvement of Nasdaq and Bakkt will pan out for Bitcoin and other cryptocurrencies. With a tentative launch in early 2019, all markets might see a very big rebound. At the same time, there is also a good chance this will have a real impact on the Bitcoin value, as the markets haven’t responded to such developments in a positive manner throughout 2018.

As BitcoinAgile points out, the Bitcoin price is hitting some low levels once again. It is possible a new low for 2018 will be recorded fairly soon, and things will look incredibly bleak tomorrow morning. As such, one has to wonder how bad things can get. A dip tot he triple-digit range seems unlikely, albeit it is not impossible either. For the time being, it is best to either not look at the charts or simply short Bitcoin.

Ending the year 2018 on a high becomes less and less feasible for Bitcoin and other cryptocurrencies. This new wave of bearish pressure can get quite dire in very quick succession. A lot of investors and speculators are betting against Bitcoin, for rather obvious reasons. This may not be the end of the bear market by any means, as things will seemingly only grow worse.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

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