FXOpen Broker

10+ years’
experience in FX


Trading Accounts

Micro, Crypto


Free Demo

Practice Forex trading
risk free


PAMM Technology

Become a Master
or a Follower

Results 1 to 1 of 1

Thread: Bitcoin Price Falls Below $6,000 on Declining Trading Volume

  1. #1
    Moderator cool user Resolve's Avatar
    Join Date
    Mar 2012
    Thanked 2,465 Times in 1,440 Posts

    Lightbulb Bitcoin Price Falls Below $6,000 on Declining Trading Volume

    Bitcoin Price Falls Below $6,000 on Declining Trading Volume

    For the second time in one week Bitcoin (BTC) price has fallen below $6,000. Today’s pullback below the $6,000 mark comes as the weekly and monthly close approach and its possible that the price could also be influenced by investors fear that traditional markets may continue to correct at Monday’s opening bell.

    At the time of writing the price is trading at $5,917 after bulls failed to hold the $6,200 support. For the short term, Bitcoin will need to hold $5,850 or traders will set their sights on $5,700, a point where the price has found support at least 5 times since March 12.

    Below $5,700, $5,350 is the next area of support and below this level traders will look to $4,446 where the price previously formed a double bottom.

    Fear continues to weigh on investor sentiment

    Currently the Crypto Fear & Greed Index shows a reading of 12, representing ‘extreme fear’ and also highlighting the fact that crypto traders remain extremely bearish about the current state of the crypto market.

    Even with the halving event approaching, traders are not feeling strongly bullish but the current reading at 12 is an improvement from the past two weeks when the indicator dropped to 8 as the Bitcoin price corrected to $3,775.

    Many traders disregard Bitcoin’s weekend price action as trading volume tends to thin out during this time and looking at the shorter timeframes traders will notice that the price lost momentum as volume dried up and eventually broke below the lower arm of the Bollinger Band indicator.

    Altcoin prices mirrored Bitcoin’s price drop and many of the top 20 coins corrected by 3% to 5%. XRP price dropped by 7.64%, Binance Coin pulled back 5.37%, and Monero (XMR) lost 6.57%.

    The overall cryptocurrency market cap now stands at $168 billion and Bitcoin’s dominance rate is 64.8%.

    SOurce: https://cointelegraph.com/
    Last edited by Resolve; 03-30-2020 at 07:14 AM.



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
2005-2020 © FXOpen All rights reserved. Various trademarks held by their respective owners.

Risk Warning: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgment as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

FXOpen Markets Limited, a company duly registered in Nevis under the company No. C 42235. FXOpen is a member of The Financial Commission.

FXOpen AU Pty Ltd., a company authorised and regulated by the Australian Securities & Investments Commission (ASIC). AFSL 412871ABN 61 143 678 719.

FXOpen Ltd. a company registered in England and Wales under company number 07273392 and is authorised and regulated by the Financial Conduct Authority (previously, the Financial Services Authority) under FCA firm reference number 579202.

FXOpen does not provide services for United States residents.

Join us