Bitcoin Price Recovers 12% in 72 Hours While Traders Remain Cautious in

[cybersofts]

Bitcoin Price Recovers 12% in 72 Hours While Traders Remain Cautious in Short-Term



Since December 8, the Bitcoin price has increased from $3,210 to $3,588, by just about 12 percent against the U.S. dollar.

In the same time frame, the cryptocurrency market added $11 billion to its valuation, avoiding a further drop below the $100 billion mark, which could have been critical for the short-term trend of the market.





Most major cryptocurrencies including Ethereum (ETH) and Bitcoin Cash (BCH) have been able to rebound from low double digits, as technical indicators started to demonstrate extremely oversold conditions.

But, traders and technical analysts remain cautious towards the short-term price trend of cryptocurrencies until major resistance levels are broken.


$3,700 For Bitcoin
Since early December, the value of Bitcoin has continuously fallen from the mid-$4,000 region, struggling to maintain its momentum and show any sign of stability.

According to DonAlt, a prominent cryptocurrency technical analyst, until Bitcoin breaks out of the $3,700 resistance level, it will remain in a tight range between $3,300 to $3,600, unable to engage in a major price movement.

The analyst said:

    “Another good day for BTC. That said it’s still nowhere close to turning bullish on the higher time frames. While the low timeframes look decent, BTC hasn’t even reclaimed the previous trading range. Until it does, no swing long trades.”

As Alex Krüger, an economist and a cryptocurrency trader, recently emphasized, BTC is in a significantly better position to enter an accumulation phase and a consolidation period because it has been able to minimize its loss during several steep market sell-offs.

When compared to both Ethereum and Bitcoin Cash, Bitcoin has kept its value fairly well given the intensity of the market crash throughout the past two months.

ETH and BCH have recorded 93 percent and 95 percent losses respectively against the U.S. dollar, and BTC would have to drop another 72 percent from the current price range to experience a similar drop as the two digital assets.

“Performance from all-time-highs to date, for the main cryptoassets: BTC -82%, XRP -86%, ETH -93%, BCH -95% (using Bitfinex’s data). These may all look equally bad. It is not so. The difference between -82% and -95% is a further 72% drop,” Krüger explained.


Market Still Nervous
Several analysts have reaffirmed that as long as the dominant cryptocurrency remains below $3,700 and struggles to demonstrate a major breakout, the market is at risk of dropping to a new yearly low.

Historically, the cryptocurrency market has taken around 67 weeks on average to recover from a large correction and achieve a new all-time high.

While positive developments like the Nasdaq, Bakkt, and NYSE futures markets are around the corner and are expected to launch in the first quarter of 2019, it could easily take until the second quarter of next year for the cryptocurrency market to begin its recovery.

A proper bottom has not been established by BTC and other major cryptocurrencies, as well as small market cap ERC20 tokens, have not shown any signs of a large corrective rally.


Reference: https://www.ccn.com/bitcoin-price-recovers-12-in-72-hours-while-traders-remain-cautious-in-short-term/

[dothebeats]

I wouldn't call it a recovery given that these are just short market fluctuations happening from time to time, and right now we are still kissing the realms of $3200-$3300 before going back to $3400 so we're pretty much in the bear territory at the time of this writing. I would remain in the buying side though to further average down my buys, and have successfully touched $4200 on my average entry point which IMO is not bad for the current market conditions. Short-term however, we're still on murky waters, and I wouldn't advice anyone buying especially if they're not here for the long run.

[Idrisu]

Any bull movements now is just an activities of small day traders trying to move the market little and takes profits along the way.  I think we are at a time when investors especially the long term one are avoiding the market and those that are holding are not finding easy so I think we should not celebrate yet.

[sorrysteve1]

As has already been said, I don't see it as much of a recovery. A recovery would be moving above maybe $4500 and on towards the 5000s. I think it's right in saying we'll be stuck around 3300-3600 until we finally break and move down to 3000.

[snipie]

As has already been said, I don't see it as much of a recovery. A recovery would be moving above maybe $4500 and on towards the 5000s. I think it's right in saying we'll be stuck around 3300-3600 until we finally break and move down to 3000.

Same. I call it consolidation at best. The downtrend should stop and the price has to recover for real. This time of the year was the best for bitcoin, hope it will stay like that.

[Theb]

I cannot say that it is a recovery at this point it might be due to BTC being oversold that is why it went up but Bitcoin since hitting 3,588$ went down to 3,500$ which just shows that it is a minor bounce from the 3,200$ level. I might be wrong and maybe BTC is just gaining momentum at this level but we are not out of the woods yet and this clearly not show any kind of breakout. RSI is still oversold and MACD is showing a weak bullish divergence that is why we are seeing a minor price rally right now.

[LeGaulois]

12% in 3 days but how much since the last 2 months... this is another story. And investors or the average Joe should take caution to take a decision because it doesn't mean anything, it's not a clear signal for an ascent trend. If 12% in 3 days for 30 days then it will be something else to consider.

[jadenunderhill]

It is already 5% down. Not long recovery indeed

[Slow death]

Bitcoin Price Recovers 12% in 72 Hours While Traders Remain Cautious in Short-Term

I wonder why so many people are waiting for the price to increase very fast and also do not consider that the price can fall very fast? doing bitcoin day trade can be very good and very risky, because the person can lose money and patience (having a nervous breakdown). if people now buy many coins and hold them for the next months, they will have many chances to have 2x, 3x profits. in my opinion we should not panic and we should not stay all times monitoring the prices. just see all the news channels are talking about the price

Markets Update: Cryptocurrency Traders Are Still Searching for the Elusive ‘Bottom’

the price has become the headline in all news channels, it seems that the world will end tomorrow or that bitcoin will die tomorrow.

[pooya87]

this is not a recovery unless it actual recovers and goes back to where it belongs to above $6k. this current price is still considered a big drop and going from $3.2k to $3.5k doesn't change anything, people are still scared of the whale manipulations and are trying to stay away until it is resolved so all we have is meaningless fluctuations at this point.

[davis196]

Historically, the cryptocurrency market has taken around 67 weeks on average to recover from a large correction and achieve a new all-time high.

This is the only important sentence in this low quality article.We just have to wait for around 65-70 weeks for a new ATH.A short term bitcoin price recovery isn't important at all.It's something like a "dead cat bounce".
But anyway,such small price pump shows that the are btc buyers on the market,not just sellers.

[sorrysteve1]

As has already been said, I don't see it as much of a recovery. A recovery would be moving above maybe $4500 and on towards the 5000s. I think it's right in saying we'll be stuck around 3300-3600 until we finally break and move down to 3000.

Same. I call it consolidation at best. The downtrend should stop and the price has to recover for real. This time of the year was the best for bitcoin, hope it will stay like that.

It's historically been good for bitcoin but over a number of years. The years when btc has been bearish it's not been a good month. People often say it's been a good month but that's because we've mostly had bullish years.

Historically, the cryptocurrency market has taken around 67 weeks on average to recover from a large correction and achieve a new all-time high.

This is the only important sentence in this low quality article.We just have to wait for around 65-70 weeks for a new ATH.A short term bitcoin price recovery isn't important at all.It's something like a "dead cat bounce".
But anyway,such small price pump shows that the are btc buyers on the market,not just sellers.

I think that places the next ATH around May of 2019 which just seems completely unfeasible right now. It's only been an average, sometimes it's taken much longer. This market is most akin to 2014 and then it took something around 100-150 weeks for a new ATH.

[Potato Chips]

Aside from the numbers not being enough, there's nothing to hype about which is important if we're talking about recovering in a short period of time. From what I'm seeing, most part is just tension because of the recent drops, and I'm pretty sure it won't go away until something breaks the ice.

[Crypdon]

These fluctuations are nothing to get excited about, neither the floor or ceiling have been broken so it can still go either way. I think it will sit in this range for quite a long time

[el kaka22]

You do not need to assume if the traders are cautious or not, just look at the overall volume in crypto and you will realize that there is less money involved in day to day trading than it used to be, that already shows you how the traders are being cautious or even leaving all together because they are afraid of whats going to happen next and will only comeback when something major changes.

Price change of 12% in 3 days is not a major news in bitcoin, it goes up that much and goes down that much constantly, just in the last month bitcoin went from being $6.5k to being $3.5k, almost half of the value of bitcoin was erased in just one month, hence there is no shock in a 12% increase. We need probably something like 100% increase in order to actually look up and get excited about it.

[bitcoinisbest]

This is a good sign that market is showing some recovery happening and if it continues to happen then we might see soon the bull run can start before this year and will be a great thing to happen for this year. All should be buying at this price so that on the uprise you can make money.

[WatchMaker]

The market is still on the bearish mode. There is no need to celebrate only 12% increase in bitcoin price. The bitcoin has lost nearly 80% of its value for the last 8 weeks. Dude, 12% is not worth celebrating at all.

[sorrysteve1]

The market is still on the bearish mode. There is no need to celebrate only 12% increase in bitcoin price. The bitcoin has lost nearly 80% of its value for the last 8 weeks. Dude, 12% is not worth celebrating at all.

12% of the year beginning price might be worth celebrating but not of the current price. That's also another thing to note. a 10% increase now is not the same as a 10% increase in January.