CRYPTO: Despite El-Salvador’s Crypto adoption Bitcoin continues to weaken more in Value

Bitcoin fell to $ 48,000 on Thursday, slipped nearly $ 5 billion, and hovered around $ 50,000 for much of the past two days. 

However, the trading volume of the No. 1 cryptocurrency by market capitalization on the major centralized exchanges continued to decline. 

The market was also in the red: Ether lost 0.28% by more than 5% to around 4,000 US dollars. As CoinDesk reported, a stronger US dollar depressed Bitcoin prices.

“The long-term bullish fall is still for Bitcoin, but in the short-term everything looks bearish,” Edward Moya, a senior market analyst at Oanda, said in an email. 

“Bitcoin will have to overcome rising expectations for a stronger dollar, an extended altcoin season and the near-term downtrend for risky assets as Omicron derails the reopening momentum. Bitcoin (BTC) has continued to struggle below the 50,000% resistance level for 24 hours in the past, although support around the 200-day moving average (currently at $ 46,500) could stabilize the current pullback. 

BTC buying activity remains weak despite various signs of overselling on the charts, reducing the possibility of a significant price spike through January, especially given the loss of bullish momentum on the weekly and monthly charts.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts