Categories: Crypto Review

Bit-comment: Bitcoin develop its decline


Bitcoin was still unable to overcome $9K gravity yesterday. For the first crypto-coin, ever lower resistance levels often turn out to be a pretty adverse scenario. Bitcoin loses about 1% per day and trades around $8,850 with a further decrease in trading volumes.

Nevertheless, deep processes take place in the market. Thus, Glassnode found out that more than 300,000 BTC ($2.6 billion at the current exchange rate) were withdrawn from crypto exchanges after the bitcoin crash in March, as well as after the recent halving. These coins were possibly used for OTC trades, and some of the funds were withdrawn from circulation. Also, miners spend coins to pay their bills and go out of business. After the previous halvings, the result of these processes was a deficit of coins in the market, that pushed prices higher. Still, now there is no such certainty because of changes in the global environment on the crypto market. The next few quarters will show how strong it has changed.

The FxPro Analyst Team

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team

Recent Posts

FTSE 100 Wave Analysis – 17 March 2025

FTSE 100: ⬆️ Buy - FTSE 100 reversed from key support level 8425.00 - Likely…

12 hours ago

Alibaba Wave Analysis – 17 March 2025

Alibaba: ⬆️ Buy - Alibaba broke the key resistance level 145.00 - Likely to rise…

12 hours ago

EURNZD Wave Analysis – 17 March 2025

EURNZD: ⬇️ Sell - EURNZD reversed from long-term resistance level 1.9160 - Likely to fall…

16 hours ago

AUDUSD Wave Analysis – 17 March 2025

AUDUSD: ⬆️ Buy - AUDUSD broke resistance level 0.6350 - Likely to rise to resistance…

16 hours ago

Weak US retail sales might boost stocks

Weak US retail sales are adding to concerns of a potential recession, putting pressure on…

18 hours ago

Dow Jones: Rebound or Rally? The Fed Holds the Key

The Dow Jones rebound depends on the Federal Reserve's monetary policy and incoming data. It…

19 hours ago

This website uses cookies