Price
For now, the price has found support at levels 5200 – 5300 and the fall has stopped, although many players predict a decline to 4800 – 5000 levels. Nonetheless, the price pattern, with the touch of 5200 and a quick come-back above 5500 leaves a hope for the turnaround pattern at this level, without further dives. However, overall pattern looks bearish and to consider any changes in such scenario we need to see the price climbing above Bearish Trend Line and 6000 level. As for now, the situation is extremely bearish and the majority of traders are looking down, waiting for the stagnation at the 5000 level.
Today forecast
Trading Bounds: 5200 – 5700. High probability of further fall, to the 4800 – 5000 zone.
Latest opinions
For now, the price has found support at levels 5200 – 5300 and the fall has stopped, although many players predict a decline to 4800 – 5000 levels. Nonetheless, the price pattern, with the touch of 5200 and a quick come-back above 5500 leaves a hope for the turnaround pattern at this level, without further dives. However, overall pattern looks bearish and to consider any changes in such scenario we need to see the price climbing above Bearish Trend Line and 6000 level. As for now, the situation is extremely bearish and the majority of traders are looking down, waiting for the stagnation at the 5000 level.
Today forecast
Trading Bounds: 5200 – 5700. High probability of further fall, to the 4800 – 5000 zone.
Latest opinions
- Opinion: One of the reasons for the collapse in the market is a high demand for stablecoins
There is a popular opinion on recent bitcoin fall among traders community, let's try to summarize it.
One of the reasons for the collapse of the price of Bitcoin and other cryptocurrencies may be the growing popularity of stablecoins: many traders see them as “safe haven” during periods of uncertainty.
Thus, for a long time, Tether (USDT), despite criticism, still firmly holds its position in the market. According to CoinMarketCap, the coin steadily holds the eighth place in the overall rating.
The stablecoin rate has slipped a bit again in recent days and currently stands at $ 0.9783. Also, Tether capitalization falling steadily, for now, capitalization of the coin is just over $ 1.6 billion. However, in recent times, the volume of trades in this asset has been growing and, according to this indicator, the coin is second after Bitcoin.
Tether’s rivals aren’t asleep as well. According to CryptoCompare - USDC, promoted by Circle, is already in 49th place, and will soon be on the Binance listing. At the same time, the price of this stablecoin is somewhat overvalued ($ 1.04), which may indicate a growing demand for this token. Same as in the case of Tether, there has recently been a significant increase in the volume.
Also, Paxos (51st place in the rating) and TrueUSD (43rd place) are rapidly gaining popularity. The 235th position is taken by Gemini Dollar. The market price of all these coins also slightly exceeds the $ 1 mark.
So in general opinion states that the recent desire of traders to move funds into stablecoins puts tremendous pressure on the price of BTC, being one of the reasons for the collapse in the market. The situation is aggravated by the uncertainty on the eve of the hard fork of Bitcoin Cash.
Also, many traders awaiting a further fall, to the $ 4800 level.
CoinDesk analyst Omkar Godboul stated, that in the coming days, Bitcoin will be fixed at around $ 5000.
