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.
Since this tweet, #Bitcoin has fallen another 1.7% in the last hour. #BTC hourly sentiment has continued to fall and is now at the lowest level it has been at in the last week.
Actively track Bitcoin sentiment here: https://t.co/oYSuWGlqiX pic.twitter.com/i6EUISLxE5
— The TIE (@TheTIEIO) December 13, 2018
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.
Why Bakkt and Nasdaq Are Betting on Bitcoin Futures in 2019 https://t.co/N8Thv7HKni
— Inflection Point 🪢⛩️ (@RealTimeCrypto) December 13, 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.
#bitcoin BTC Near lows again. Hold shorts but do not add. by trader Xzhi published December 13, 2018 #BTCUSD https://t.co/XvSXRnx7A3 pic.twitter.com/CF08LcwNDM
— BitcoinAgile (@bitcoinagile) December 13, 2018
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.
Disclaimer
Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. CryptoMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
