Bitcoin prices continued to bleed despite witnessing gains during the early sessions of Asian trading. Bitcoin went to its annual low of $3,455 posts reversing from its intraday peak of $4, 115. This entirely made way for a 14 percent decrease, setting the standards for a bearish action further.
At present, the USD/BTC index is trading at around $3581, expecting possible assistance from $3508. Once again, the market has come up with a psychological base area within a 3000 to the 3500-fiat range. Till now, there is entirely no evidence proving a strong or potential reversal at these levels. Last time when USD/BTC tested the levels for support in September in 2017, they had different technical dynamics. Pairs were trending over their 50-period, 100-period and 200-period moving averages with higher highs.
Nevertheless, in November 2018, the technicalities turned upside down. Now, the Bitcoin prices are trending below their important moving averages thus forming very low lows. Here the question is whether the levels that previously served as strong support should remain robust in times when the asset is witnessing a slow session.
Fundamentals as a Savior
At present, the Bitcoin technical pointers could serve the objective of instructing traders regarding the entry and the exit points. They might not be able to offer any long-term visions until and unless the market comes up with a specific bottom and develops a substantial volume. The analysts indicating depths could pat their backs for claiming the perfect “guess” and not making predictions based on the demand in the market.
Meanwhile, the fundamentals of Bitcoin constantly remain strong because of the introduction of Bakkt. This is an ICE supported crypto platform and potential Bitcoin ETF approval for 2019. It is worth noting here that these are probably the only factors that have the potential of keeping the interest of the investors alive in the otherwise bleeding Bitcoin market.