Crypto Sellers Continue To Dominate, Putting Bitcoin’s Price At Stake

Last week saw substantial price fluctuations across the crypto sector. Crypto sellers are most active during the morning hours, pushing the price of crypto assets down. The swing pushed down ATOM and TEZOS with around 5%, while NEO, LINK, and BAT received a five-six percent price boost during last week’s price adjustment.

Signs of a bearish run on cryptos are already showing – Bitcoin lost a percent of its dominance, to secure 65,96 BTC dominance as of press time. The total market capitalization also took a hit, dropping from $249.4 billion to $238.3 billion. Trading volumes also shrunk in size – from $81 billion to $66 billion in the course of the past week.

Despite the market shrinkage and possible bearish Q4 of 2019, Switzerland-based crypto exchange SIX listed a crypto exchange-traded product, which is created by the Tezos Foundation and Amun AG. The product would be tied to the price of Tezos (XTZ). Google also revealed its plans to enter the world of digital finance in cooperation with Citygroup Inc. The goal – to create digital checking accounts, which would set off in 2020, according to the Wall Street Journal.

Crypto trading experts, however, are not optimistic about Bitcoin jumping over the $8,800 resistance level. If Bitcoin bears continue to test support zones, the bullish resistance might crack, and the result would be even further correction. In the last 24 hours, Bitcoin tested both $8,900 and $8,960, but with minimal effect. According to the Confluence indicator, the first critical support zone would be in the $8,6452-$8,732 area. Upward correction, however, is not an easy task, as indicators like SMA and Bollinger bands suggest serious resistance at $8,900. And if Bitcoin bulls don’t push to $9,000+, Bitcoin might fall to $7,200. The fall, however, is not that bad, given the fact many investors are seeking to buy Bitcoin at lower prices, thus – an increase in demand and price.

Bitcoin’s current levels do not provide a secure haven for the world’s top cryptocurrency. Mike McGlone, an analysis expert at Bloomberg, the current price fluctuations retrace the bearish period from 2018. “There are still leftovers from the 2017 parabolic price movements, which are keeping Bitcoin afloat.”, McGlone added.

Ethereum, the world’s second-largest cryptocurrency, shows the most significant signs of bearish price movements, as the market rejected a price above $188. If Ethereum loses ground at $184, the bears would most probably push the price to the $180 critical support zone.

Ripple continues the descent from the previous week, hitting lows of $0,258. Despite the negative price movement, Ripple shows excellent signs of liquidity, which could mitigate the effect of the bearish stance of the #3 in cryptocurrencies.