The Bitcoin price continues to suffer as the week progresses, losing another 2 percent in USD terms to trade below $3400 January 29.
‘D-Day’ For Bitcoin Price Trend?
Bitcoin’s 3-day losses now surpass 7 percent as analysts describe what they see as a decisive trading period which will determine the broader trend for BTC/USD 00.
“Today is D-Day for down-trend confirmation,” analytics website Woobull creator Willy Woo wrote on Twitter late Monday.
Woo was monitoring accelerating Bitcoin trading volumes for a sign the market could break out of its slow downtrend. Asked at what price it could see an “ultimate low,” he suggested further losses of around 30 percent could still occur.
“The were a lot of coins bought in the $2200-$2800 range on the way up, I can concur this is the likely accumulation bottom, I’m picking in the price will settle lower part of this range,” he added in response to a query.
Today is D-Day for down-trend confirmation. We need to see more volume build upon yesterday. (Chart shows 2.5hrs of traded volume so far for today). Technically we broke the volume trend line yesterday, but I'd like to see one more day of higher volumes for confirmation. pic.twitter.com/dFE9KYEKXz
— Willy Woo (@woonomic) January 29, 2019
Market Cap Sheds $3 Billion In 24 Hours
Bitcoin has failed to hold support at $3500 but continues to trade within the $500 corridor predicted by various figures in recent months.
A slide to $2200 would still constitute a stronger performance than that predicted by fellow analyst and trading veteran Tone Vays in December, who warned Bitcoin could soon end up at $1300 or even lower.
For altcoins, the knock-on effect of Bitcoin’s fall was as usual more pronounced. Ethereum (ETH) currently trades at $104, its lowest price since December 20.